02:13 PM EDT, 07/09/2024 (MT Newswires) -- US banking regulators are close to agreeing on the substance of changes to a plan that would increase the capital requirements for large banks, Federal Reserve Chair Jerome Powell told the Senate Banking Committee Tuesday.

But Powell didn't give specifics as nothing has been agreed yet with the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.

He said Fed board members believe that there is a need to put a revised proposal out for comment for some period. "It might be 60 days... it doesn't need to be a long one," Powell said of the comment period.