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The House Financial Services Committee held a hearing discussing the risks of ceding authority over American financial regulation to global governance bodies. Republican members expressed concerns about opaque and unaccountable practices favoring foreign competitors. They emphasized the need for regulators to prioritize American interests and ensure regulatory autonomy. Criticisms were directed at Biden's regulators for pushing progressive pet projects and allowing foreign officials to influence U.S. regulations. The Federal Reserve's role in potential changes to capital requirements was also highlighted during the hearing.
The Federal Reserve’s top banking regulator said there will likely be significant changes to a controversial proposal to force lenders to hold more capital https://t.co/rOOtw8K8vf
In today’s @FinancialCmte hearing, Chairman McHenry quoted from our May 2022 statement about the Basel Committee lowering capital requirements for European GSIBs without public consultation. In contrast, the Fed’s process for deciding changes to U.S. capital requirements has been…
Biden’s regulators are piling on burdensome regulations that drive consolidation, then throw up roadblocks when institutions try to meet the compliance burden. This is unacceptable. The Admin. must work w/ Congress to bring certainty to financial institutions and their customers. https://t.co/8DITfm6OgF
