Federal Reserve Board Vice Chair for Supervision Michael S. Barr promoted incorporating "exploratory scenarios" to address limitations in the FRB's current stress test program for the U.S. banking system.
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Former Federal Reserve Board Vice Chair for Supervision Randal Quarles argued that the regime currently used by the FRB to conduct stress tests is “illegal.”
Based on the most recent stress tests, the Federal Reserve Board concluded that large banks had enough capital to continue to lend to households and businesses, even if they were required to absorb more than $540 billion in losses.
President Joseph R. Biden urged banking regulators to adopt tougher capital rules to prevent the risk of future banking crises following the failure of Signature Bank and Silicon Valley Bank.
The DOL Employee Benefits Security Administration reopened the comment period for proposed amendments to a prohibited transaction exemption that would clarify the circumstances under which relief may be provided for misconduct that is self-corrected under the DOL's Voluntary Fiduciary Correction Program.