Congressmen Flood & Financial Service Committee Republicans Demand Prudential Regulators with Basel III Endgame Proposal

WASHINGTON, D.C. – U.S. Congressmen Mike Flood, alongside Chairman Patrick McHenry and Financial Services Committee (FSC) Republicans are demanding prudential regulators withdraw Basel III endgame proposal. FSC Republicans believe the proposal is flawed in scope, depth, motivation, and process.

“Over the past two months, your agencies have released numerous proposals that lack sound rationale and economic analysis,” said the House Financial Services Committee Republicans in their letter. “Your opaque approach raises serious questions about the long- term impact these actions will have on our financial system and economy more broadly. As currently drafted, these proposals will undermine core principles and risk models that serve as the foundation of our financial system.

You can read the full letter addressed to Federal Reserve Vice Chair for Supervision (Fed) Michael Barr, Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg, and Acting Comptroller of the Currency Michael Hsu  here.