Last year, the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency put forth a proposal that could be an endgame to Main Street lending. The Basel III Endgame proposal is meant to strengthen the U.S. financial system and prevent bank failures from driving our nation into a financial crisis, but these rules go too far and threaten to slow growth in an already uncertain economic environment.
The proposal would significantly increase U.S. banks’ capital requirements and limit their ability to issue loans and credit cards to businesses and consumers. Many of these banks have a large presence in our state and employ many Delawareans. Any additional strain on these banks will certainly impact their employees.
The Delaware State Chamber of Commerce was proud to join more than 100 state and local Chambers across America in raising concerns about the proposal with President Biden and his administration. It seems our calls for change have …