10:48 AM ET: Powell repeats that the Fed hasn't come to an agreement with the FDIC and OCC on the process for revising the Basel III proposal. And declined to say if he thought it would take the form a full re-proposal. "It's going to be a very labor-intensive, time-consuming process." Not all of the capital plan will be re-proposed, he said.

Federal Reserve Chairman Jerome Powell has pointed toward a “meaningful revamp” of proposed capital requirements for U.S. banks under the Basel III endgame proposal, analysts at Jefferies Group said Wednesday.

The Federal Reserve chair said there is a consensus within the central bank's Board of Governors for re-proposing its capital rules, but notes that other agencies have not yet signed off on this approach.

Congress gave the Federal Reserve that dual mandate: keep prices stable and promote maximum employment. Powell told the Senate Banking Committee on Tuesday that the Fed has made “considerable progress” in taming an inflation rate that had reached its highest point in 40 years.

The Federal Reserve has "quite a ways to go" in trimming the size of its balance sheet with the endpoint of quantitative tightening still uncertain, Fed Chair Jerome Powell told the House Financial Services Committee on Wednesday.