WASHINGTON: A senior Federal Reserve official has proposed raising capital requirements for large and mid-sized US banks as part of a 'comprehensive' series of measures to tighten banking regulation and supervision. The proposals announced on Monday (Jul 10) by the Fed's vice chair for supervision, Mi
WASHINGTON: A senior Federal Reserve official has proposed raising capital requirements for large and mid-sized US banks as part of a"comprehensive" series of measures to tighten banking regulation and supervision.
"The comprehensive set of proposals that I have described here today would significantly strengthen our financial system and prepare it for emerging and unanticipated risks," Barr told a conference in Washington on Monday morning. "We share Vice Chair Barr's goal of a safe, sound and resilient banking system, but we are disappointed that he remains determined to push forward new bank capital requirements despite strong evidence that the US banking system is already well capitalised," Rob Nichols said.
Barr added that his proposals would be equivalent to"requiring the largest banks hold an additional two percentage points of capital," or US$2 in additional money set aside for every US$100 the bank has in assets."By strengthening capital standards, we are ensuring that businesses have credit to grow and hire workers, and deal with the ups and downs in the economy," Barr said.
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