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US banks seek 120-day comment period on Fed’s upcoming Basel III plan in pre-emptive strike against proposal

By Neil Roland ( July 13, 2023, 18:03 GMT | Insight) -- Groups representing large US banks asked Federal Reserve Chair Jerome Powell for a 120-day comment period on the central bank’s upcoming Basel III capital proposal — a pre-emptive strike on a plan that hasn’t yet been released. The request, if granted, would make for a longer comment period than the 60 or 90 days typically allotted. It also would extend the time needed for the Fed to finalize the rule since more comments — and more complicated comments — would likely roll in, all of which are normally reviewed by the agency.Groups representing large US banks asked Federal Reserve Chair Jerome Powell for a 120-day comment period on the central bank’s upcoming Basel III capital proposal — a pre-emptive strike on a plan that hasn’t yet been released....

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