The Federal Reserve has cut a proposed increase to capital requirements for the largest US banks by more than half after a backlash from the industry and politicians.
Michael Barr, the US central bank’s top regulator, announced a revised plan on Tuesday that would impose a 9 per cent rise in capital requirements on the biggest lenders, down from the 19 per cent proposed last summer.
The revised rules are a win for banks, which had waged a lobbying blitz against the proposal.
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