Objections underscore how deeply divided the Fed is on regulations.
Fed Chair Jerome Powell, who supported every effort to toughen bank rules during the Obama administration, signaled he has reservations about the new banking proposal. | Jose Luis Magana/AP PhotoThe Federal Reserve’s top bank cop, Michael Barr, is facing fierce pushback from big lenders and their GOP allies over a sweeping plan to make the industry raise more funds to guard against potential losses.
“U.S. and global regulators raised large bank capital requirements significantly in the wake of the global financial crisis,” Powell said in a statement. “While there could be benefits of still higher capital, as always we must also consider the potential costs.” Those arguments have found purchase not just among Republican lawmakers like House Financial Services ChairThe two Republicans who sit on the board of the FDIC also dissented against the proposal, voicing skepticism that the international standards underlying the proposal are well-designed.
Governor Lisa Cook asked staff during the board meeting about the effect on mortgages, while Philip Jefferson, another Fed official who has been nominated as vice chair, said he wants to ensure it doesn’t hurt access to credit for households and businesses.
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