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House Financial Services Subcommittee Scrutinizes Basel III "Endgame"; Witnesses Call for More Data and Time
Summary
Lawmakers and industry experts at a House Financial Services subcommittee hearing pressed federal regulators over the Basel III "endgame" proposal, asking for the full reproposed text, quantitative impact studies and coordination before final rules are issued. Witnesses warned of potential costs to credit markets, small businesses and municipal borrowers.
Chairman Barr opened a House Financial Services subcommittee hearing by framing the session as an effort to address uncertainty in the Federal Reserve, FDIC and OCC's July 2023 Basel III "endgame" proposal and to press regulators on a flurry of related rulemakings.
The hearing focused on whether agencies have provided sufficient documentation and analysis for the original proposal and any partial reproposal previewed by Federal Reserve Vice Chair Michael Barr. Chairman Barr told the panel that "97% of the comments were negative," arguing that the proposal contained many elements unrelated to the March 2023 bank failures and alleging partisan and procedurally weak rulemaking.
Jonathan Gould, a partner at Jones Day, told the committee the agencies released the Endgame proposal without adequate supporting documentation, leaving stakeholders to "game…
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