(Reuters) -Bank of America ( BAC ) said on Wednesday its board has authorized a $40 billion stock repurchase program.

The new buyback program, which will take effect on August 1, will replace the current authorization, which had about $9.1 billion in repurchases remaining as of June 30, the bank said.

The biggest U.S. lenders have enough capital to withstand a hypothetical severe economic and market turmoil scenario, the Federal Reserve said last month.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Devika Syamnath)