For more than a year, the central bank has been under pressure to speed the development of a real-time payment system. But it faces tough questions about what its own role should be.
Republicans are calling on the central bank to relieve all banks with less than $250 billion of assets from enhanced supervision that was established after the crisis.
Another regulator has already gone out on its own with an advance notice of proposed rulemaking. But, Powell said, "It’s a process and we’re very much interested in pushing forward.”
Federal Reserve Chairman Jerome Powell said the fundamentals of the U.S. economic expansion look strong and support the case for continued gradual interest-rate increases.
As director of the Fed's Division of Research and Statistics, David Wilcox is responsible for briefing the Federal Open Market Committee on the outlook for the national economy.
Echoing House members, five Republican senators called on the Federal Reserve Board to rethink its surcharge in order to eliminate “excessive” capital requirements.
In a letter to heads of five Federal regulators, Sens. Elizabeth Warren, Sherrod Brown and Jeff Merkley say the public should know the impact of Volcker in light of proposed changes.
