(Bloomberg) -- The Federal Reserve’s vice chair for supervision will preview changes to the Biden administration’s signature bank-capital proposal on Sept. 10.
Michael Barr will discuss the proposed revisions and next steps in the process at the Washington-based Brookings Institution, the organization said in an advisory on the event.
Both Barr and Fed Chair Jerome Powell have promised broad and material changes to the capital plan, which drew fierce opposition from the industry. In July, Powell attended a closed-door meeting with a group of big-bank CEOs, encouraging them to work with the Fed to avoid a years-long legal battle over the capital proposal.
The Fed already had floated a dramatically weaker version of the bank-capital overhaul to other regulators, alarming some agency officials.
The proposal is known as the Basel III endgame. The original draft, released in July 2023 by the Fed, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency, called for an overall 16% hike in the capital that banks must hold as a cushion against financial shocks.
But the Fed later showed other regulators a three-page document of potential revisions that suggested an increase as low as 5%.
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