Legislators questioned prudential regulators on (i) diversity in banking, (ii) the regulatory response to the COVID-19 pandemic, and (iii) the changing regulatory landscape due to climate change, cybersecurity, and digitization.
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Federal Reserve Board Governor Jerome Powell, Acting Comptroller of the Currency Keith A. Noreika, and FDIC Chair Martin Gruenberg testified at a hearing on "Regulation and Economic Growth" held by the Senate Committee on Banking, Housing, and Urban Affairs.
Senator Elizabeth Warren (D-MA) urged Federal Reserve Board Chair Jerome Powell to "resist industry pressure" to weaken the FRB's proposal to implement the final provisions of the Basel III agreement.
The House Financial Services Committee considered testimony from witnesses on the impact of, and interaction between, recent regulatory banking proposals to implement Basel standards and increase capital requirements.
The House Financial Services Committee heard testimony on a joint proposal from the Federal Reserve Board, FDIC and OCC that would increase bank capital requirements consistent with standards issued by the Basel Committee on Banking Supervision.