*FED CHAIR POWELL: U.S. BANKS ARE VERY STRONGLY CAPITALIZED *POWELL: 'THERE WILL BE LOSSES' FOR BANKS IN COMMERCIAL REAL ESTATE SECTOR 🇺🇸🇺🇸
© Reuters. U.S. Federal Reserve Chair Jerome Powell testifies before a House Financial Services Committee hearing on"The Federal Reserve's Semi-Annual Monetary Policy Report" on Capitol Hill in Washington, U.S., June 21, 2023. REUTERS/Jonathan ErnstWASHINGTON -Raising U.S. bank capital requirements to guard against future losses could increase the cost of credit but that may be justified to ensure the U.S.
"Strong capital requirements means we have a stronger banking system...yet we also know that at the margin, as the costs of capital for banks goes up, the costs of credit goes up," he said."You just have to make a judgment call on that, and that's what we'll be doing." "Now is not the time to be engineering massive new regulatory changes or hindering regional banks which have already been under stress," said Representative Andy Barr, a Kentucky Republican.
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