(July 9): US Federal Reserve chair Jerome Powell said US regulators are close to agreeing to changes to plans to force big banks to hold significantly more capital.

Powell told senators on Tuesday that officials are near an agreement on changes to last July’s plan, which could have forced the biggest US lenders to hold as much as 19% more capital to buffer against losses. He didn’t elaborate on the specific adjustments, but said regulators would likely seek fresh comment on the revised plan.

He added that no final decisions had been made by the Fed and the other two other banking agencies involved.

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