|JPM||JPMORGAN CHASE & CO.||145.73||-1.41||-0.96%|
|WFC||WELLS FARGO & CO.||41.23||-1.09||-2.58%|
|XLF||FINANCIAL SELECT SECTOR SPDR ETF||33.66||-0.26||-0.77%|
The Federal Reserve is extending its ban on both citing the pandemic, policymakers disclosed late Wednesday.
In recent months, Chairman Jay Powell has spoken frequently about the uncertainty COVID-19 has placed on the U.S. economy and the need for further stimulus.
The move will ensure large banks, those with $100 billion or more in total assets, retain enough capital as the economy struggles to recover and unemployment remains high.
The Fed's decision comes as lawmakers on Capitol Hill have not been able to come to a deal on new stimulus even after multiple Fed officials have repeatedly called for more assistance for the economy-- and as layoffs could intensify with airlines ready to cut workers starting Thursday.
Later this year, the Board will conduct a second stress test to further evaluate the resiliency of financial institutions with the results released by the end of the year.