JPMorgan and other big banks seek coronavirus relief
A lobbying group for the nation’s largest banks wants the Federal Reserve to permanently relax a number of regulations put in place after the 2008 financial crisis. The reason: To help lenders deal with any economic fallout from the novel coronavirus.
Some of the proposed changes would allow the banks to reduce the amount of money they must set aside to cover potential bad loans, which is exactly what got the banks into trouble during the crash.
“The Fed has every reason to take steps now,” said Bill Nelson, a top economist for the Bank Policy Institute, which is funded by large banks including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo. Nelson co-authored the policy statement “Actions the Fed Could Take in Response to COVID-19,” which the group released earlier this week. “It makes sense to increase confidence now to …continued .
[Source: CBS News]