Federal Reserve Chair Jerome Powell stated that new rules regarding increased capital requirements for banks are unlikely to apply to smaller institutions. The rules are still in the draft stage, and Powell said that banks with assets below $100 billion would not be affected. The proposed rules could be implemented in 2024 and are expected to affect the largest banks in the U.S primarily. The proposed regulations come in the wake of the industry turmoil in March, which saw the closure of Silicon Valley Bank and two other large regional banks following deposit runs. The American Bankers Association criticized the reported 20% increase in requirements, arguing for regulations based on risk and business models.