Wall Street Gets Win as Powell Floats Redoing Bank Capital Plan

Ian Katz, a regulatory policy analyst at Capital Alpha Partners, said he was surprised by Powell’s blunt admission that the proposal could be redone. “The vice chair of supervision is supposed to drive the bus on regulatory and supervisory matters,” he said. “The truth is he drives the bus unless the chair and other members think he has gone too far off the main road.”

The heads of Wall Street’s biggest banks were in attack mode when they testified before the Senate Banking Committee in December. One by one, executives confidently told lawmakers their institutions were safe and that everyday Americans would ultimately pay the price if tougher rules are enacted.

Via Yahoo Finance