Federal Reserve Chair Jerome Powell endorsed an overhaul of the contentious Basel bank capital rules on Wednesday, but said he did not know when regulators...
Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in WashingtonNEW YORK - Federal Reserve Chair Jerome Powell endorsed an overhaul of the contentious Basel bank capital rules on Wednesday, but said he did not know when regulators would formally bless the new draft and that he hoped it would be finalized by the first half of 2025.
Speaking at a press conference after the latest Federal Open Market Committee meeting on Wednesday, Powell said the changes outlined by Barr happened "with my support and with my involvement" but that the central bank did not yet have a date for re-proposing the new draft. Powell's comments were the first acknowledgement by the central bank that the timing of the re-proposal is still unclear and that work on the rules will stretch past the Nov. 5 election and into a new administration.
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