11.17.23
On November 14, U.S. bank regulators from the Federal Reserve, FDIC, and OCC, testified before the Senate Banking Committee, followed by the House Financial Services Committee on November 15. Republican and Democratic members in both chambers raised concerns over how the decision to raise capital requirements for large banks under the Basel III endgame could negatively affect consumers. This came as a group of 39 Republican Senators submitted a letter earlier in the week requesting the regulators withdraw the proposal entirely. Regulators repeatedly defended their plan citing their belief of a modest impact on credit availability and noted they are open to changes in response to comments before the rules are finalized next year.