Federal Reserve officials meet with banking industry experts to discuss regulatory reforms.

On Tuesday, the Federal Reserve held a one-day meeting at its headquarters to continue efforts to comprehensively revise banking rules. During the meeting, regulatory officials, bankers, industry lawyers, and other experts discussed a series of stricter banking regulations implemented after the 2008 financial crisis and how to improve these regulations. The outcome may potentially save large banks billions of dollars in capital costs. They argue that this will allow banks to engage in more lending and other activities, but skeptics warn that this may reduce banks' ability to withstand future shocks. "We need to ensure that all different parts of the capital framework work effectively together. Doing so will help maintain a safe, sound, and efficient banking system that benefits the people we serve," said Federal Reserve Chairman Powell in his opening remarks.