Major banks, business groups sue US Federal Reserve over annual stress tests

Quick Summary:

They claim the Fed's practice of determining how banks perform against hypothetical economic turmoil violates the law.

On Dec 23, the Fed announced plans to pursue similar changes ahead of the 2025 exams, citing recent legal developments, but the industry opted to proceed with its lawsuit.

In June, the Supreme Court dealt a major blow to such power by overturning a 1984 precedent that granted deference to government agencies in interpreting laws they administer.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Capital Banks Perform Bank Test Tests Court Annual Federal Groups Lawsuit

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-25 @ 00:14:29 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 522 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 24643290

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Main Topics: EconomyBusiness

Official Website: straitstimes.com

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Year Established: 1845

Headquarters: Singapore

News Last Updated: 8 hours ago

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Publisher ID: #25

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