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Fed to hold open meeting on Basel III endgame proposal
By Kyle Campbell
American Banker, New York
Friday, July 21, 2023
The Federal Reserve Board of Governors will hold an open meeting next Thursday to discuss a forthcoming proposal related to the final implementation of the Basel III international regulatory framework.
The meeting will be held at 1 p.m. at the Martin Federal Reserve Board Building in Washington and streamed live on the Fed's website, according to a notice published by the Fed.
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A copy of the proposed rule -- which is set to call for enhanced risk-capital requirements for all banks with $100 billion or more of total assets -- will be published on the Fed's website roughly 20 minutes before the meeting, according to the notice.
The public meeting could provide a window into the internal debate over the capital rules being considered, some of which have been outlined in public remarks from individual board members.
Fed Gov. Michelle Bowman has made the case that higher capital requirements are not necessary.
Meanwhile, Vice Chair for Supervision Michael Barr -- the architect behind the proposal -- has said that other board members are entitled to their opinions and indicated that he will not aggressively pursue unanimity on the issue. The proposal needs only a simple majority of the six-member board to pass.
The new proposal will bring the United States into compliance with the so-called Basel III endgame. Barr outlined the changes that will be called for in the proposal earlier this month. They will include a more standardized approach to calculating credit, trading, and operational risk, doing away with the ability for banks to craft their own models.
Barr also called for changes in how banks calculate and report gains and losses on securities -- known as accumulated other comprehensive income, AOCI. Banks with between $100 billion and $250 billion of assets could opt out of having AOCI counted against their regulatory capital requirements, but the proposed rule is likely to eliminate that exemption.
While the changes called for would subject midtier banks to regulatory requirements previously reserved for the largest institutions, Barr noted that the new capital requirements would weigh heaviest on the global systemically important banks. ...
... For the remainder of the report:
https://www.americanbanker.com/news/fed-to-hold-open-meeting-on-basel-iii-endgame-proposal
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