Better Markets Sues Fed Over Capital Rules
Nonprofit Better Markets has sued the Federal Reserve and a top official over alleged private communications with Wall Street banks. The lawsuit claims these closed-door talks corrupted the federal rulemaking process for bank capital requirements.
Washington nonprofit Better Markets sued the United States Federal Reserve and its top regulatory official on Thursday, alleging the central bank mishandled a sweeping capital rules overhaul. The unusual legal challenge highlights mounting friction over efforts to scale back vital banking safeguards. The complaint claims private communications between Fed officials and lenders corrupted the public rulemaking process.
