Basel Plan Takes Shape as Fed Readies Major Changes for Public Review

Also, banking industry claps back at Tarullo's stress test ideas; gloating about SEC's `legal losing streak'

[Note to readers: Capitol Account will be off Wednesday, Thursday and Friday. We’ll be back on Monday, July 8.]

Fed Chairman Jerome Powell has made it very clear there will be “broad and material” changes to the Basel endgame capital rule. Those fixes are now underway – and they’re taking an unusual form. Here’s the latest on the Biden era’s most content…