Senate bill will not hurt big bank oversight – Powell

Fed chair says raising of Sifi threshold will not affect application of enhanced standards

Jerome Powell
Jerome Powell: “I think it [the bill] gives us the tools we need to continue to protect financial stability”
Photo: Federal Reserve

Federal Reserve chair Jerome Powell soothed lawmakers’ concerns that a forthcoming bill would weaken the regulation of large banking organisations in a Senate hearing held earlier today (March 1).  

The Economic Growth, Regulatory Relief and Consumer Protection Act (S2155), sponsored by Senator Mike Crapo of Idaho, would raise the threshold for systemically important financial institutions (Sifi) subject to Fed-enhanced prudential standards (EPS) from $50 billion to $250 billion in consolidated

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