Market news: Federal Reserve Chairman Powell holds a closed-door meeting with CEOs of major U.S. banks

ChainCatcher news, according to Jinshi reports, Federal Reserve Chairman Jerome Powell recently attended a closed-door meeting with the CEOs of major banks, encouraging them to collaborate with the Federal Reserve to avoid a years-long legal battle over the Biden administration's flagship capital plan.

Informed sources revealed that Powell told bank leaders, including Jamie Dimon of JPMorgan Chase and Jane Fraser of Citigroup, that the public would have the opportunity to comment on key revisions to the plan. While it is not uncommon for Powell or other Federal Reserve governors to meet with top bank CEOs, this discussion is the latest indication of Powell's attempt to leverage his influence to reach a consensus between the industry and Federal Reserve governors and finalize the plan. This initiative, born out of the 2008 global financial crisis, has been in the works for over a decade. The industry has expressed strong opposition and is preparing for potential legal challenges.