Key facts
- Top US bank regulators will inform Congress about their efforts to reduce bank rules.
- Regulators will argue that deregulation will boost economic activity and innovation.
- They will also state that these changes will not increase financial system risk.
- Fed Vice Chair Michelle Bowman, FDIC Chairman Travis Hill, and Comptroller Jonathan Gould are scheduled to testify.
- The testimony will update lawmakers on changes to rules implemented after the 2008 financial crisis.
The nation's top bank regulators are preparing to present their case to Congress, arguing that their initiatives to scale back bank regulations and oversight will stimulate economic activity and foster innovation. They plan to assure lawmakers that these changes will not introduce additional risks to the financial system. The testimony is scheduled to be delivered by Federal Reserve Vice Chair for Supervision Michelle Bowman, FDIC Chairman Travis Hill, and Comptroller Jonathan Gould before the House Financial Services Committee. The hearing will serve as an update for lawmakers on the modifications being made to the regulatory framework established in the wake of the 2008 financial crisis.