Former Federal Reserve Vice Chair for Supervision Randal Quarles criticized his successor’s plan to significantly increase capital requirements for big banks, saying it would needlessly hurt the economy. “It’s a mistake,” Quarles, who now chairs the Cynosure Group, told a roundtable sponsored by the Securities Industry and Financial Markets Association trade group on Wednesday. “It will restrict the ability of the financial system to provide support for the real economy.” Michael Barr, who took over as vice chair for supervision in July 2022, proposed this week a significant increase in big banks’ capital standards ... (full story)