Federal Reserve Chairman Powell supports Basel changes, no set date for release of new draft
Federal Reserve Chair Jerome Powell backed a proposed overhaul of the Basel bank capital rules, aiming for completion by the first half of 2025. The plan involves easing restrictions on bank capital, with a new draft expected to increase big bank capital by 9%. Powell expressed support for the changes outlined by the Central bank‘s regulatory chief Michael Barr but noted that the timeline for re-proposing the draft remains uncertain. The Federal Reserve Board, along with other regulatory agencies, must approve the new draft before it can be finalized. Powell’s remarks indicated that the rule-making process may extend beyond the upcoming election, potentially facing further revisions depending on the outcome.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.