The vice chairman of the Federal Reserve says that the bank capital reform plan is expected to be launched before the end of the first quarter.

Michelle Bowman, Vice Chairman of the Federal Reserve responsible for supervision matters, said on Wednesday that a revised version of the banking capital proposal related to Basel III is expected to be released before the end of the first quarter. Bowman stated at an event in Washington hosted by the Exchequer Club that U.S. regulatory agencies plan to announce the proposal later this year, followed by public consultation. She emphasized that industry and the public will have "ample time" to review and provide feedback on the proposal. Earlier this week, Bowman also mentioned that under the proposal, U.S. lending institutions are expected to face new requirements for residential mortgage loans.