Fed Vice Chair for Supervision will pursue multiple regulatory initiatives saying the recent bank failures underlined the need for regulators to bolster resilience in the system.

WASHINGTON, July 10 (Reuters) – The Federal Reserve’s top regulatory official laid out a sweeping plan to increase capital requirements for the nation’s largest banks in the wake of recent bank failures, a move that was immediately met with criticism from the industry.

In a widely-anticipated speech, Fed Vice Chair for Supervision Michael Barr said he planned to pursue multiple regulatory initiatives that would direct larger banks with more than $100 billion in assets to hold more in reserve, saying the recent bank failures underlined the need for regulators to bolster resilience in the system.

www.reuters.com/markets/us/feds-barr-lays-out-plan-order-more-capital-large-us-banks-2023-07-10/