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US Fed reaches consensus to issue revised Basel III plan, but path forward needs sign-on from FDIC, OCC, Powell says

By Neil Roland ( July 9, 2024, 20:49 GMT | Insight) -- The US Federal Reserve has reached a consensus to issue a revised Basel III capital proposal for public comment, but the central bank is still in discussions with the two other banking regulators on how to proceed, Federal Reserve Chair Jerome Powell said. The US Federal Deposit Insurance Corp. and the US Office of the Comptroller of the Currency haven’t disclosed their positions, but Powell suggested the three agencies are nearing agreement on significant changes they would re-open for comment. If a proposal is re-issued, a path favored by the banks, the public comment period could be for roughly 60 days with final changes made possibly early next year, Powell told the Senate Banking Committee today.The US Federal Reserve has reached a consensus to issue a revised Basel III capital proposal for public comment, but the central bank is still in discussions with the two other banking regulators on how to proceed, Federal Reserve Chair Jerome Powell said....

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