GAO Reports to Congress on FRB Rules to Establish Risk-Based Capital Surcharges

The U.S. Government Accountability Office ("GAO") reviewed the process whereby the Board of Governors of the Federal Reserve System ("FRB") promulgated new rules on risk-based capital surcharges for global systemically important bank holding companies. The GAO reported its findings in a letter to the Chairpersons and Ranking Members of the Senate Banking Committee and the House Committee on Financial Services.

The GAO concluded that the FRB complied with applicable requirements in promulgating the rule. The GAO's report contains a brief description of the FRB's surcharge rules.