ChainCatcher reported that according to Jinshi, Federal Reserve Chairman Powell recently attended a closed-door meeting with CEOs of large banks and encouraged them to cooperate with the Federal Reserve to avoid a years-long legal battle over the Biden administration’s signature capital plan.
Powell told bank chiefs including JPMorgan Chase & Co.’s Jamie Dimon and Citigroup Inc.’s Jane Fraser that the public will have a chance to weigh in on key revisions to the plan, according to people familiar with the matter. While it’s not unusual for Powell or other Fed governors to meet with a panel of top bank CEOs, the discussion was the latest sign that Powell is trying to use his influence to bring industry and Fed governors to a consensus and finalize the plan, which has been in the works for more than a decade because of the 2008 global financial crisis. The industry has raised strong objections and is preparing for potential legal action.
