Golden Finance reports that The Federal Reserve Board of Governors member Barr warned that weakening the Fed's regulatory powers could lead to the accumulation of “significant risks” within the banking system, and these risks could lay the groundwork for a crisis over the long term. Barr stated that regulatory work relies on a reliable rating framework, forward-looking regulatory measures, and highly skilled personnel. He further pointed out that if measures such as “reducing the coverage of examiners, weakening the rating system, and redefining the 'unsafe and unsound' business standards that the banking industry has long adhered to” are implemented, it will make it difficult for examiners to take action before it is too late.
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