SIFMA, Joint Trades Letter To Federal Chair Powell On Costs of Higher Capital

SIFMA joined the Bank Policy Institute, American Bankers Association, Financial Services Forum and the Institute of International Bankers late yesterday submitted a letter to Federal Reserve Chair Jerome Powell expressing concern about a forthcoming proposal to implement the Basel agreement of 2017. The associations urged the Federal Reserve to adopt a 120-day comment period to allow the public to calculate the costs of the proposal.

“We would strongly urge you to allow a 120-day comment period on the proposed rule,” the trades said in the letter. “This rule will have a profound effect on the U.S. banking system and U.S. capital markets. This will have a direct impact on the ability and cost of businesses and individuals to obtain credit and capital and manage business risks. It merits careful consideration.”

To read the full letter, click here.