Warren Asks Fed to Block Rule She Says Favors Big European Banks

US Senator Elizabeth Warren asked the Federal Reserve’s top bank cop to block an international policy that she says gives Europe’s biggest lenders favorable treatment on capital requirements.

Warren told Michelle Bowman — who also heads the Financial Stability Board’s Standing Committee on Supervisory and Regulatory Cooperation — that a 2022 decision by global regulators creates an uneven playing field for US banks. The change meant the largest banks faced lower capital charges for doing business across the eurozone’s borders than for other international activity.

“This change was not justified and needlessly increases the risk posed by systemically important ...