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MNI: Fed's Barr To Testify Changes Coming To Basel Proposal

(MNI) WASHINGTON

U.S. banking groups have criticized regulators' previous proposed changes.

Federal Reserve Vice Chairman for Supervision Michael Barr will tell Congress Wednesday that regulators expect “broad, material” changes are coming to the proposed Basel III endgame capital standards.

"I expect we will have a set of broad, material changes to the proposal that allow us to have a broad consensus in moving the proposal forward," Barr said in prepared testimony for the U.S. House Financial Services Committee. His remarks did not touch on monetary policy.

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Federal Reserve Vice Chairman for Supervision Michael Barr will tell Congress Wednesday that regulators expect “broad, material” changes are coming to the proposed Basel III endgame capital standards.

"I expect we will have a set of broad, material changes to the proposal that allow us to have a broad consensus in moving the proposal forward," Barr said in prepared testimony for the U.S. House Financial Services Committee. His remarks did not touch on monetary policy.

Keep reading...Show less