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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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