Reported about 22 hours ago
Major banks and business groups have filed a lawsuit against the U.S. Federal Reserve, claiming that its annual stress tests on Wall Street firms are unlawful. The lawsuit, lodged in Ohio, argues that the methodology and capital requirements set by the Fed do not adhere to proper administrative procedures. Included in the lawsuit are prominent entities like the Bank Policy Institute and the U.S. Chamber of Commerce, which call for greater transparency in the testing process. Despite the Fed's announcement to consider changes by 2025, the plaintiffs are moving forward with their case, urging that the tests should be more open to public scrutiny.
Source: YAHOO