Inside the Fed’s secret liquidity stress tests

Lobbyists and Quarles train sights on horizontal exams that can shape bank risk appetite

On March 24, at the height of the Covid-19 market crisis, the US Federal Reserve quietly shelved confidential liquidity reviews and stress tests for the largest banks as part of a raft of measures intended to ease operational burdens.

Horizontal liquidity stress tests were among the planned exams deemed “non-critical”, learned, and ultimately deferred until June 15.

The suspension unnerved some former regulators. Tim Clark, former deputy director of regulation and supervision at the

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