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Big US Banks Balk At New Capital Rules In Senate Hearing By AFP News 12/06/23 AT 3:46 PM EST
Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard Share on Pocket Executives from America’s largest banks testified as part of an annual oversight hearing following the 2007-2009 financial crisis AFP
Large US banks contested the new proposed capital requirements at a congressional hearing Wednesday, collaborating with Senate Republicans to assert that these rules hindered loans for everyday citizens. “This rule will make services so uneconomical that it is likely to obtain two outcomes: foremost, many banks may forego offering certain services; second, the services they are providing, will be expensive,” said JPMorgan Chase Chief Executive Jamie Dimon. This resolution, the Basel III criteria agreed jointly with international policies following the financial crisis of 2007-2009, would expand capital requirements by 20-25 percent on the biggest banks, Hazily highlighted Dimon in his notes. Garfield Brown from Cleveland, Ohio who lead the annual meeting lateral, questioned the protests.
He pointed out that the rules were fashioned for protecting the banking infrastructure from disasters like the fallouts in midsized banks in March, however, “No restrictions in rules barring bank from creating loans for small businesses and working-class community,” he reasoned. Senators, especially the Republican from South Carolina, Tim Scott, was more likely to listen to the execs and say Basel is a confusing HTS code that will lead more capital into the background eventually affecting the daily lives of Americans almost.
© Copyright AFP 2023. All rights reserved.
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