Federal Reserve to Revise Bank Regulatory Proposal by Year's End

The revision comes after significant opposition from large banks and concerns over mortgage lending for minority groups.

Federal Reserve Chair Jerome Powell announced plans to significantly revise a sweeping bank regulatory proposal by the end of the year.
The proposed changes aim to address concerns from large banks and civil rights groups about the impact on lending and minority access to mortgage loans.
Critics, including Sen. Elizabeth Warren, accuse Powell of yielding to bank pressure, while Powell emphasizes the need to balance regulation with economic stability.
The revision could potentially lower the required reserves for large banks, easing lending restrictions.
Powell also hinted at possible interest rate cuts if inflation continues to decrease, aiming to avoid driving the economy into recession.