Financial regulators sought to walk a fine line Tuesday between reassuring Republican senators that they are quickly implementing regulatory relief and defending themselves against Democratic criticism that they are going too fast.
Fed Vice Chairman of Supervision Randal Quarles said in written tstimony that the central bank plans to move quickly to determine how to regulate banks between $100 billion and $250 billion of assets, and that it may provide also relief for banks over the $250 billion threshold.
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.
The tightening of Senate races in Republican strongholds has raised the prospects of Democrats having even more influence on regulatory appointments and the legislative agenda.
The central bank, which received broad authority after the crisis to supervise big banks, is expected to get more attention from lawmakers over its discretion to ease banks’ burden.
Following news of the breach, congressional hearings for the company’s ex-CEO and other blowback were accompanied by legislative calls to action. But a year later, did policymakers do anything?
