Warren criticizes Fed official for lobbying to ease bank rule

Published July 31, 2020 7:38pm ET



Democratic Sens. Elizabeth Warren and Sherrod Brown attacked an effort by the Federal Reserve to lower capital requirements for big banks in the upcoming coronavirus relief bill, arguing that doing so could hurt the economy and increase systemic risks.

Warren and Brown, both on the Senate Banking Committee, sent a letter to the Fed’s Vice Chairman Randal Quarles, accusing him of lobbying Congress to insert regulatory favors for big banks into the Senate Republicans’ coronavirus relief bill.

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