CONTACT: Barbara Hagenbaugh
(202) 457-8783
Washington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement today following announcements by the banking agencies on the Basel III Endgame and GSIB surcharge proposals:
“We acknowledge today’s comment period extension on the Basel III Endgame and GSIB surcharge proposals. The extensions, however, do not address the fundamental concern that we raised in our recent letters to the agencies regarding the quantitative impact study (QIS). Specifically, as both a public policy and a procedural matter, it is inappropriate to collect data for use in a rulemaking that are not shared with the public on an aggregate basis and without providing the public an appropriate opportunity to review the resulting data in connection with the proposal. The extensions end on the same day that QIS submissions are due. Accordingly, the extensions do not provide the public with any opportunity to assess the collected data or comment on their implications for the proposals.
“The agencies must provide the public with an appropriate opportunity to review and comment on the collected data on an aggregate basis and their implications for the proposals before the rules are finalized. Anything less would deprive the public of an open and transparent rulemaking process.”
Go to smartbankcapital.com to learn more about the strength and resiliency of the nation’s largest banks and the costs of higher capital requirements.
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The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.