The move comes amid growing concern about the banking system's health as corporate and consumer borrowers absorb a series of punishing rate hikes by the Fed.
The move comes amid growing concern about the banking system’s health as corporate and consumer borrowers absorb a series of punishing rate hikes by the Fed.
“There’s no good time … to raise capital,” FDIC Chair Martin Gruenberg said at an event Thursday. “In good times, people say, ‘You don’t need to do it.’ And in bad times they say, ‘Do it during good times.’” Fed Chair Jerome Powell heard similar complaints when he testified before House and Senate committees on Wednesday and Thursday.
Powell himself has cast the proposal as the work of Fed Vice Chair for Supervision Michael Barr, a Biden appointee who had already come up with broader plans to toughen the rule book. Though Powell has suggested he’s likely to support Barr’s work, the regulatory chief might be unable to convince other Republican appointees on the Fed board as the agencies negotiate on the final draft.
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