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

Federal Reserve Chairman Jerome Powell recently attended a closed-door meeting with CEOs of large banks, encouraging them to work with the Fed to avoid a years-long legal battle over the Biden administration's signature capital plan. Powell told bank leaders, including Jamie Dimon of JPMorgan Chase and Jane Fraser of Citigroup, that the public would have a chance to comment on key revisions to the plan, according to people familiar with the matter. While it is not uncommon for Powell or other Fed governors to meet with groups of top bank CEOs, the discussion is the latest sign that Powell is trying to use his influence to get the industry and Fed governors to reach a consensus and finalize the plan. The plan, which was born out of the 2008 global financial crisis, has been in the works for more than a decade. The industry has raised strong objections and is preparing for potential legal action. (Jinshi)