The Federal Reserve on Wednesday announced the roll out of the first effort to ease and simplify regulations imposed on big banks in the wake of the global financial crisis.
The proposal would streamline rules requiring large banks to hold a certain amount of capital in reserve to protect against unforeseen stresses, but without weakening the safety of the financial system, the Fed said in a statement.
“It is a good example of how our work can be done more efficiently and effectively and in a way that bolsters the resiliency of the financial system,” said Randal Quarles, the Fed’s vice chairman for supervision.
With the proposed changes, large firms would be required to meet 14 capital-related requirements instead of the current 24, according to the Fed, which is asking for comment from the public on the plan.
The Fed currently runs annual stress tests on banks with more than $50 billion in assets, and under the new proposal the amount of capital buffer required will be tailored to each institution and vary depending on the status of the economy and the risks the banks face.
No firm is expected to need to raise additional capital as a result of this proposal, the statement said.
The Fed said US firms have substantially increased their capital since the first round of stress tests in 2009, more than doubling through the end of 2017 to a total of $1.2 trillion.
Watch Devin Nunes freak out and eject reporters when asked about phone calls with Lev Parnas
Rep. Devin Nunes (R-CA) lost it over the weekend when he was asked about his phone calls with Rudy Giuliani's associate Lev Parnas, who was recently indicted.
Nunes was at a Republican Party fundraiser in New York City when two Intercept reporters asked about the impeachment probe. Recent phone records subpoenaed by the House Intelligence Committee revealed that Nunes had multiple conversations with Giuliani and with Parnas.
Trump supporters lose their minds when church shows Nativity scene in immigrant cages
MAGA supporters are losing their minds after a photo of the Nativity scene at Claremont United Methodist Church was posted to Facebook.
The scene depicts Mary, Joseph, and the baby Jesus separated and put in their own cages, a reference to the families separated at the U.S.-Mexico border. Inside the church, the family is shown as reunited.
Senior minister Karen Clark Ristine shared the image on Facebook with the message hoping that everyone in the United States could see the photo and read the story for Christmas.
"The theological statement posted with the nativity: In a time in our country when refugee families seek asylum at our borders and are unwillingly separated from one another, we consider the most well-known refugee family in the world," she wrote. "Jesus, Mary, and Joseph, the Holy Family. Shortly after the birth of Jesus, Joseph and Mary were forced to flee with their young son from Nazareth to Egypt to escape King Herod, a tyrant. They feared persecution and death."
Columnist nails Republicans for only caring about Hunter Biden now that his father is running for president
One of the critical questions that must be answered by Republicans, according to one Washington Post columnist, is why they didn't care about Hunter Biden's position at Burisma for so many years.
In a Sunday piece, James Downie asked why Republicans didn't do anything about Hunter Biden five years ago when it was first revealed that vice president's son was on the board of a Ukraine energy company. The House and the Senate were being run by Republicans until this year. They haven't had problems with other partisan investigations against high-profile leaders. There were ten investigations into the Benghazi attacks, three hearings, 29 witnesses, and former Secretary of State Hillary Clinton testified for 11 hours. Yet, it was only after Joe Biden announced he was running against President Donald Trump that Republicans discovered an issue.