Meeks, Beatty, Vargas, Horsford Joint Statement on Basel III

WASHINGTON, D.C. – Reps. Gregory W. Meeks (NY-05), Joyce Beatty (OH-03), Juan Vargas (CA-52), Steven Horsford (NV-04) issued a joint statement in response to the recent speech by Vice Chair for Supervision Barr on Basel III endgame:

“We are pleased by Vice Chair Barr’s announcement that he will recommend that the Board re-propose the Basel endgame rules and the acknowledgement that broad and material changes to the proposals are warranted. We agree that there are benefits and costs to increasing capital requirements. In January, we sent a letter to the Agencies, signed by nearly 60 members of Congress, asking that they carefully consider how the proposal may impact underserved and minority communities seeking small business credit and mortgage loans. While the details of the re-proposal are yet to be determined, we are encouraged by this new direction and believe it reflects that the regulators listened and seriously considered input from stakeholders. We look forward to remaining engaged as the process moves forward.”

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