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Forbes Breaking News
  • 6 months ago
Fed Chair Jerome Powell delivered remarks on Tuesday at a conference on regulatory capital rules.
Transcript
00:00I'm here to deliver the four-minute warning. Not really. Let's get started.
00:08Good morning to everyone and welcome to the Federal Reserve Board. I'm very
00:12pleased, though not surprised, to see such great interest in the topic of
00:16today's conference, the integrated review of the capital framework for large banks.
00:21And I want to thank Vice Chair for Supervision Bowman for having the great
00:25idea of holding this event at the outset of her term. I'd also like to thank Fed
00:31staff for their tireless work in putting the conference together. So today we'll
00:36hear the perspectives of industry veterans, academics, and current and
00:40former policymakers who are all well-versed in the operations of large
00:44banks and the main pillars of the capital framework. A great benefit of this
00:49conference is the chance to consider all elements of the capital framework in
00:53concert rather than look at each in isolation. We need to ensure that all the
00:58different pieces of the capital framework work together effectively. Doing so will
01:03help maintain a safe, sound, and efficient banking system for the benefit of the
01:08people we serve. The U.S. bank capital framework includes risk-based capital
01:13requirements, leverage requirements, the surcharge for the largest and most complex
01:17banks, and the stress tests. We will discuss the status of each of those elements
01:22and the road ahead in a comprehensive manner today. As this audience will know
01:27well, we have proposals outstanding or in the works across all four areas. Our
01:33regulatory capital framework and all banking rules are implemented through
01:37supervision, an area where Vice Chair for Supervision Bowman brings deep
01:41experience as a former banker and state supervisor. As she has noted, we need to
01:46make sure that our supervisory practices focus on the critical areas that determine
01:51safety and soundness. We need our large banks to be well capitalized and to manage
01:56their key risks well. And we need large banks to be free to compete with one
02:01another, with non-bank financial institutions and with banks in other
02:05jurisdictions to provide capital and support economic growth. The Fed is a dynamic
02:12institution. We're open to hearing new ideas and feedback on how to improve the
02:16capital framework for large banks. And I look forward to hearing from today's
02:20participants. Thanks again to all of you for joining us today. Thank you.
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