Suspense builds on Wall Street over expiring Covid relief for big banks

Suspense is building on Wall Street over whether the Fed will extend an exemption that loosened leverage rules applying to JPMorgan Chase, Bank of America (BAC) and other large lenders. The waiver, aimed at stabilizing markets and boosting lending, meant big banks wouldn’t be penalized for bulking up on ultra-safe US Treasuries and taking in a surge of deposits.

But leading Democrats including Senators Elizabeth Warren and Sherrod Brown want the Fed to let the exemption lapse as scheduled at the end of March. They fear big banks are using the pandemic as an excuse to weaken the post-2008 crisis

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