Washington, D.C. –The Bank Policy Institute, American Bankers Association, Financial Services Forum, Institute of International Bankers and Securities Industry and Financial Markets Association late yesterday submitted a letter to Federal Reserve Chair Jerome Powell expressing concern about a forthcoming proposal to implement the Basel agreement of 2017. The associations urged the Federal Reserve to adopt a 120-day comment period to allow the public to calculate the costs of the proposal.
“We would strongly urge you to allow a 120-day comment period on the proposed rule,” the trades said in the letter. “This rule will have a profound effect on the U.S. banking system and U.S. capital markets. This will have a direct impact on the ability and cost of businesses and individuals to obtain credit and capital and manage business risks. It merits careful consideration.”
To read the full letter, click here.
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About Bank Policy Institute.
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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