Nine percent is still a meaningful increase in capital requirements," said Kevin Fromer, head of the Financial Services Forum, a bank lobbying group. "It's certainly higher than what the EU was planning on doing. It's significantly higher than what the UK announced last week that it was going to do."
The revamp, Barr said in a speech on Sept. 10, would result in a "safer and fairer banking system." "My goal, throughout my nearly 30 years in this field, has always been to help ensure that financial institutions are resilient and that they can withstand economic shocks."
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