CONTACT: Barbara Hagenbaugh

(202) 457-8783

bhagenbaugh@fsforum.com

“No one should downplay the costs of these increases to the economy,” Forum CEO says

Washington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement today following a speech by the Federal Reserve Vice Chair for Supervision:

“While the Vice Chairman for Supervision repeated today that the banking system is ‘sound and resilient,’ the regulators have proposed to dramatically increase capital requirements, making it harder for consumers and business owners to obtain an affordable loan. The largest banks have tripled their capital since the crisis and have clearly demonstrated their strength and resilience. There is no evidence in the proposal or today’s remarks that justifies a 20 percent increase, and no one should downplay the costs of these increases to the economy.”

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.

###
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, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.

Follow us on X @fsforum and LinkedIn