2017.06.2901:45:00UTC+00Federal Reserve Approves Banks' Capital Plans

The Federal Reserve announced that the 34 banks that underwent its yearly stress tests provided attainable capital plans.

This is the first time the Fed authorized these proposals since its inception during the financial downfall in 2008. Only one firm needed to present a new plan before 2017 ends to address the concerns pertaining to its capital planning measures.

Fed Governor Jerome Powell stated the central bank is pleasded that the test prompted all banks to ensure sufficient capitals and to hugely improve their respective plans.

Previously, the Fed said these financial institutions fulfilled the requirements to surpass a financial downfall. Senior policymakers noted the total number of banks assessed this year has dropped from the past years, but said not objecting to any proposal does not denote a bank has met their projections.