Skip to main content

Newsroom

July 2, 2013

Fed sets new capital rules for big banks

The Federal Reserve on Tuesday approved sweeping new capital standards for the nation’s biggest banks and warned the titans of Wall Street that more restrictions were on the way.

In a vote that was unanimous, the Fed agreed to final rules implementing the international Basel III accord, a global agreement that was reached among regulators to beef up capital cushions after the 2008 financial crisis.

“‘Capital will act as a financial cushion to absorb future losses,” said Federal Reserve Chairman Ben Bernanke. “Strong capital requirements are essential if we hope to have safe and sound banks.’

***

“The Independent Community Bankers of America praised the Fed for ratcheting down the requirements, but said it remained “disappointed” that smaller banks were not exempted entirely from the standards.

“Meanwhile, proponents of tough Wall Street reforms were disheartened by the rules as a whole. The reform advocacy group Better Markets called the Fed plan “grossly insufficient,” saying it allowed banks to conduct far too much business with borrowed cash.”

***

Read full The Hill article here

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today