Federal Reserve Board Governor Michelle W. Bowman criticized proposed new capital requirements for banks with more than $100 billion in assets, arguing that the increases were not supported by facts and analysis and could lead to reduced credit availability and increased cost of credit.
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In separate hearings, the Senate Banking Committee and the House Financial Services Committee heard testimony from CEOs of the largest U.S. banks on a broad range of public policy and compliance matters.
Federal Reserve Board Vice Chair for Supervision Randal K. Quarles highlighted measures to promote efficiency in the financial system after the "Great Financial Crisis."
The U.S. House Financial Services Committee heard testimony from the CEOs of U.S. global systemically important banks on "trends and developments in the industry since the 2008 global financial crisis."
In testimony before the Senate Banking Committee, Federal Reserve Board Vice Chair for Supervision Randal K. Quarles provided legislators with an update on the effects and wind-down of programs implemented in response to the pandemic.