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As Assistant to the President for Economic Policy and Director of the National Economic Council (2017-2018), Gary Cohn managed the US economic policy agenda, stimulating economic expansion, job creation, and wage increases through historic tax and regulatory reform. Prior to that he was the President and Chief Operating Officer at Goldman Sachs where he worked for more than 25 years.

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US Banks Call for Capital Proposal Overhaul

US Banks Call for Capital Proposal Overhaul

by Starling Insights

Starling Insights Editorial Board

Jan 22, 2024

Observations

Capital Requirements Bank Failures USA Regulatory Trends US Fed Reserve

Major US banks are advocating for a complete overhaul of their regulators' proposal to increase bank capital requirements. The proposed rules, termed the "Basel Endgame," were introduced in July 2023 to improve resilience following the bank failures of Spring 2023.

The industry's response includes a 314-page letter from the American Bankers Association (ABA) and the Bank Policy Institute (BPI). Therein, the banking advocates argue that the proposal, as currently written, could profoundly affect credit availability and cost. They assert that the rules lack sufficient analysis to justify such significant capital increases. Rob Nichols, CEO of the ABA, stated that the proposal is "unworkable" in its present form.

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