Congressional Oversight Panel says the Federal Reserve’s “worst-case scenario” doesn’t go far enough. Bank of America, Citigroup and Wells Fargo are among banks told to boost capital by a total of $75 billion. The Federal Reserve says plans submitted by those banks, if implemented, would be enough to help them survive a deeper recession. The panel recommends the regulators repeat stress testing as long as the banks continue to hold large amounts of bad debt on their books. Elizabeth Warren, the Harvard University law professor who heads the panel, is to testify before the Joint Economic Committee today.”]
Source: https://www.cuinfosecurity.com/feds-on-banks-stress-tests-enough-a-1531