Last week, 29 Republicans in the US House of Representatives urged regulators to withdraw their contentious proposal — commonly referred to as the "Basel III Endgame" — that would increase capital requirements for the largest banks by around 19%.
"As issued, the proposal lacks justification, lacks rigorous quantitative analysis, and is procedurally flawed," the congressman wrote in a letter to Federal Reserve Chair Jerome Powell, Acting Comptroller of the Currency Michael Hsu, and Federal Deposit Insurance Corp. Chair Martin Gruenberg. Among the authors of the letter was Patrick McHenry, Chair of the House Financial Services Committee (HFSC), who has been one of the most vocal opponents of the proposal.
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