On March 6, Fed Chair Jerome Powell testified before the House Financial Services Committee, followed by the Senate Banking Committee on March 7. In his semi-annual report to Congress, Powell addressed questions regarding macroeconomic activity including inflation and potential rate cuts later this year. Additionally, Powell was pressed on the agency’s controversial Basel III Endgame Proposal. In response, Powell relayed that while his staff is still combing through the nearly 400 public comments he expects “broad material changes” will be made and did not rule out withdrawing the rule altogether by noting that putting forth a new proposal is a “live option” under consideration.
Powell Alludes to Significant Overhaul of Basel III Endgame Proposal
Published on March 8, 2024
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