WASHINGTON: The U.S. Federal Reserve on Thursday unveiled a final package of rules easing capital and liquidity requirements for domestic U.S. and foreign banks that were originally introduced following the 2007-2009 global financial crisis.
That 2018 law ordered the Fed to reduce the burden on community and regional lenders, but progressive Democrats and consumer groups are likely to criticize the central bank for giving larger banks too much leeway with its final changes. The final domestic rules, which are nearly identical to the 2018 proposal, establish tiers of regulations for larger U.S. banks. Domestic banks with under US$700 billion in assets, which includes all but a handful of the nation's largest firms, would enjoy some degree of relaxed capital and liquidity rules.Fed staff estimated the final rules would lower capital requirements by about 0.6per cent and liquidity requirements would drop by about 2per cent for all affected banks.
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