Federal Reserve moving forward with bank capital rules, Bloomberg says

The Federal Reserve and other regulators are moving ahead with a plan to make the big banks hold more capital despite calls from some critics to scrap it, Katanga Johnson of Bloomberg reports. Officials have decided to adjust the original proposal rather than starting over, and some of them are pushing to finalize it as soon as August, people familiar with the matter told Bloomberg. Speculation had been mounting that the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance would redo the proposal entirely after several lawmakers and regulators have raised concerns, according to Johnson. Officials are still weighing the exact changes that will be made to last July’s draft plan and no firm date has been agreed upon for final approval, Johnson adds. Publicly traded companies in the large cap bank space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).