Barr Defends Bank Capital Rule Plan Blasted by Wall Street
- Michael Barr says proposal’s benefits outweigh costs
- Banks, Republican lawmakers say plan will hurt lending
WATCH: Fed’s Barr Defends Bank Capital Requirement Plan
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The US Federal Reserve’s top bank watchdog is defending a sweeping government plan that would significantly boost capital requirements for Wall Street’s biggest banks.
Michael Barr, the Fed’s vice chair for supervision, told executives at an event hosted by the American Bankers Association that regulators’ July proposal would bolster the US financial system’s safety. The ABA is one of several industry lobby groups that have asked regulators to scuttle the plan.