Federal Reserve Vice Chair for Supervision Michelle Bowman told the Senate Banking Committee that regulators have reached a consensus on revising the controversial Basel III endgame bank capital proposal. Speaking at a committee hearing, Bowman indicated that a revised version is nearing release, marking a significant development in the ongoing debate over banking regulations.

Basel III endgame refers to the U.S. implementation of international banking standards designed to strengthen bank capital requirements and reduce systemic risk. The proposal has faced intense criticism from banks who argue it would constrain lending and hurt economic growth. Bowman's comments suggest regulators have addressed some of these concerns while maintaining the proposal's core objectives of financial stability.

The consensus represents a major step forward after months of negotiations and industry pushback. Banking groups had warned that the original proposal would require tens of billions in additional capital, potentially reducing lending capacity. Bowman's statement signals that regulators have found middle ground that balances safety requirements with industry concerns, though specific details of the revised plan remain under wraps.