Fed officials meet with banking experts to discuss regulatory reform

 on Tuesday, the Federal Reserve held a one-day meeting at its headquarters, continuing its efforts to comprehensively modify banking regulations. At the meeting, regulatory officials, bankers, industry lawyers, and other experts discussed a series of stricter banking regulations implemented after the 2008 financial crisis, and how to improve these regulations. The result may save large banks billions of dollars in capital costs, they argue, which will allow the banking industry to engage in more lending and other activities, but skeptics warn that this may reduce the banks' ability to withstand future shocks. "We need to ensure that all different parts of the capital framework work effectively together. Doing so will help maintain a safe, sound, and efficient banking system that benefits the people we serve," Federal Reserve Chairman Powell said in his opening remarks. (Xinhua Finance)