Federal Reserve officials meet with banking experts to discuss regulatory reform

The Federal Reserve held a one-day meeting at its headquarters on Tuesday to continue working on overhauling banking rules. At the meeting, regulatory officials, bankers, industry lawyers and other experts discussed a series of stricter banking rules put in place after the 2008 financial crisis, and how they could be refined. The result could save billions of dollars in capital costs for large banks, which they argue will allow the banking industry to engage in more lending and other activities, but sceptics warn it could make banks less resilient in future shocks. "We need to ensure that all the different parts of the capital framework work together effectively. Doing so will help maintain a safe, sound, and efficient banking system for the benefit of the people we serve, "Federal Reserve Chairperson Jerome Powell said in his opening remarks.