Washington, D.C. — BPI Head of Government Affairs Ed Hill issued the following statement today in response to a U.S. House Committee on Financial Services markup of H.R. 3948, the “Greater Supervision in Banking Act of 2021”:
The Greater Supervision in Banking Act would require a host of disclosures by U.S.-based Global Systemically Important Banks. The information required to be disclosed by the bill is already readily available to regulators; thus, the only effect of the bill would be to provide confidential and proprietary information to hedge funds and others that trade or compete against banks. The banking industry is among the most regulated industries in our economy and targeting one subset of banks, while ignoring other broad segments of the non-bank financial sector and the corporate community for many of these disclosures attempts to solve a problem that doesn’t appear to exist.
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The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth
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Sean Oblack
Bank Policy Institute
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