Big banks have hired one of the country’s top trial lawyers and are preparing to sue the Federal Reserve — a nearly unthinkable challenge — if sweeping new industry regulations aren’t watered down…… The stakes are high

Eugene Scalia, the son of the former Supreme Court justice and a well-known conservative litigator, is quietly drawing up a lawsuit seeking to block the proposed rules on behalf of the Bank Policy Institute, a trade group that represents JPMorgan, Citibank, Goldman Sachs, and others, people familiar with the matter said. It would be the first time in recent memory that the industry has sued the Fed, and a departure from standard halls-of-power persuasion efforts that try to avoid antagonizing its chief regulator.

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