ABA President and CEO Frank Keating wrote to Sens. Joe Manchin (D-W.Va.) and Dean Heller (R-Nev.) yesterday to express strong support for S. 731, which Manchin and Heller introduced on April 16. The bill, known as the Basel III CASE Act, would require bank regulatory agencies to conduct a comprehensive study of the Basel III capital proposals’ effects on community and regional banks before issuing any final rules.
“The rules proposed by the federal banking agencies go far beyond the Basel III framework,” wrote Keating. “They would impact banks of all sizes and business models and would have adverse consequences for the communities they serve and the overall U.S. economy.”
Keating pointed out that the regulatory agencies have not done a thorough quantitative analysis of the effects of Basel III, and that S. 731 corrects this flaw.
Read the letter.