Federal Reserve Chairman Jerome Powell says banks were a source of strength during the pandemic, but Democratic critics say a series of regulatory tweaks weakened the rulebook
President Biden’s looming decision about who should be the next Federal Reserve chairman is prompting reviews of the current chief’s record on bank regulation and how strict the postcrisis rulebook should be for Wall Street.
During Chairman Jerome Powell’s nearly four years as head of the Fed, the central bank has revamped big-bank stress tests, tailored its rules for U.S. lenders based on their size and simplified key postcrisis regulations such as the Volcker rule prohibition on proprietary trading. Mr. Powell says that collectively the moves have clarified or better calibrated the central bank’s rules to reflect the risks posed to the financial system by the firms subject to them. In last year’s pandemic-driven, real-world stress test of the banking system, U.S. lenders“Strong capital requirements are essential for banks, particularly for the largest banks,” Mr. Powell told reporters Wednesday, at the conclusion of aSome progressive Democrats say Mr.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
When to ‘set it and forget it’ — and when notThis approach to saving for retirement is good for contributions, but there are a few caveats.
Read more »
AOC, administration spar on eviction moratorium'The House and House leadership had the opportunity to vote to extend the moratorium,' Rep. Alexandria Ocasio-Cortez said on Sunday. 'We cannot in good faith blame the Republican Party when House Democrats have the majority.'
Read more »
The Unexpected Summer of Lady Gaga’s ‘Chromatica’One year after its release, Gaga’s space-themed dance album is finally having its cultural moment.
Read more »
Opinion | Is Joe Biden Sinking?From WSJopinion: Biden has fallen fast to 50% approval. How long will his old pals, the moderate Democrats, hang on for the descent? asks DanHenninger
Read more »
Tess Holliday Calls Out 'Trash' Beach Body Criticism: 'I'm Hot AF'Tess Holliday Calls Out 'Trash' Beach Body Criticism: 'I'm Hot AF' 🔥🔥🔥Tess_Holliday
Read more »
For subscribers: Star of India figurehead gets a makeover as ship approaches its 158th anniversaryThe wood carving of the Greek goddess Euterpe on the bow of San Diego's historic ship is being treated for rot and repainted.
Read more »