Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement regarding federal financial regulators’ actions to consider raising capital requirements and implementing “Basel III” standards on U.S. financial institutions.
“While American families, workers, and small businesses continue to suffer the consequences of ‘Bidenomics,’ financial regulators are doubling down on this Administration’s failed economic agenda,” said Chairman McHenry. “Biden appointees are taking advantage of recent instability in the well-capitalized banking system to push through their long-held priority of raising capital requirements of our nation’s banks. The consideration of a sweeping rewrite of regulations threatens to increase borrowing costs and further hammer consumers already struggling to make ends meet.
“This overhaul to conform to so-called ‘Basel III’ global governance standards will also impose requirements on U.S. financial institutions that go well beyond international standards, threatening our competitiveness. With a credit crunch looming and the economy far from out of the woods, this is the last thing financial regulators should be pursuing. The secretive, rushed, and unvetted plans released today make clear that Biden’s regulators are more interested in pursuing their partisan priorities than ensuring the safety and soundness of our financial system.”
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