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MNI BRIEF: Powell Expects Broad Changes To Basel III Proposal

(MNI) WASHINGTON

Federal Reserve Chair Jerome Powell told Senate lawmakers Thursday he expects "material and broad" changes will be made to regulators' Basel III endgame proposal before the rule is reconsidered some time this year.

He told the House Financial Services Committee a day earlier the vast majority of public comments on the proposal issued last summer were opposed to some or all of the rule and the Fed will also take into consideration a quantitative impact study on the proposed capital framework.

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Federal Reserve Chair Jerome Powell told Senate lawmakers Thursday he expects "material and broad" changes will be made to regulators' Basel III endgame proposal before the rule is reconsidered some time this year.

He told the House Financial Services Committee a day earlier the vast majority of public comments on the proposal issued last summer were opposed to some or all of the rule and the Fed will also take into consideration a quantitative impact study on the proposed capital framework.