11:34 AM EDT, 09/20/2024 (MT Newswires) -- A plan recently previewed by the Federal Reserve's top bank regulator that would reduce additional capital requirements for the biggest banks under new rules is facing bipartisan pushback within the Federal Deposit Insurance Corp., Bloomberg reported Friday, citing people familiar with the matter.

At least three of five FDIC directors oppose the planned re-proposal, which would require the global systemically important banks to increase their capital to 9%, down from 19% in the original proposal, the people reportedly told Bloomberg. Democrat Rohit Chopra has joined the two Republican board members in opposing the changes, according to the report.

The Federal Reserve, FDIC and Office of the Comptroller of the Currency unveiled the original proposal in July 2023 and have received significant industry pushback before Fed Vice Chair for Supervision Michael Barr previewed the revisions on Sept. 10.

The Federal Reserve and FDIC did not reply to requests for comment from MT Newswires.

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