Federal Reserve Vice Chairman for Supervision Randal Quarles and former Vice Chairman Donald Kohn have praised the UK's use of a countercyclical capital buffer set at 1% of a bank's risk-weighted assets to protect against downturns. "I see real merit in application of the UK approach in the United States, although the specific percentage would, of course, be open to analysis," Quarles says. MLex (subscription required) (13 Sep.)
Federal Reserve officials appear divided in opinion. Several regional presidents have expressed satisfaction with the US economy based on domestic performance, but officials such as Vice Chairman Richard Clarida and Federal Reserve Bank of New York President John Williams have cited long-term global factors for concern about a recession. BNN Bloomberg (Canada) (15 Sep.)
Officials of the Federal Reserve and 25 other central banks are meeting with representatives of Facebook's libra Monday in Basel, Switzerland, to discuss the digital currency. Financial Times (subscription required) (14 Sep.)
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