Unmoved, Fed stands by G-Sib surcharge
Facing down frenetic lobbying and even US Treasury, central bank doesn’t blink on surcharge
Like Tom Petty, the Federal Reserve won’t back down. The eight heavyweights of the US banking system, joined even by the US Treasury, had railed against a surcharge they said would cut into lending and leave them at a competitive disadvantage to Europe.
Yet, despite the full court press, these efforts came to nought. The Fed will not be reworking its surcharge on global systemically important banks (G-Sibs) and has turned its attention to other matters, most immediately the regulatory
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