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Major banks in US all pass first phase of stress tests

The 31 largest banks in the United States passed the first phase of regulatory stress tests, the Federal Reserve announcedThe 31 largest banks in the United States passed the first phase of regulatory stress tests, the Federal Reserve announced Thursday. In tests of their strength to withstand a severe economic crisis — one worse than that of 2008 — all the banks proved capable of maintaining more than the minimum 5.0 percent level of core capital. At that level, the Fed believes that the banks will not weigh the economy down and will be able to continue supporting economic activity — which was not the case during the crisis.

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