The Globe and Mail reports in its Friday edition that a sweeping proposal to regulate banks will undergo significant revisions by the end of the year, according to Federal Reserve Chairman Jerome Powell. An Associated Press dispatch to The Globe reports that this could be seen as a win for larger banks that have been fighting against the likely changes. The proposed rule, issued last summer by the Fed and other regulatory agencies, is intended to implement changes that were negotiated internationally after the 2008 global financial crisis. Among other things, the rule would require the largest banks -- those with more than $100-billion (U.S.) in assets -- to hold more dollars in reserve to protect against bad loans and other potential losses. The "Basel III Endgame" proposal, spearheaded by the Fed's vice-chairman for supervision, Michael Barr, has faced resistance from large banks. The banks argue that the proposal would restrict their ability to lend and that it goes beyond what is required to comply with global regulations. On Thursday Mr. Powell said the Fed will make "broad and material" changes to the proposed rule. He said he expects the Fed will reach consensus on the revamped proposal by the end of the year.