WASHINGTON, DC - Congressman Andy Ogles (TN-05) introduced legislation that will withdraw a proposed rule by the Biden Administration forcing banks to hold more capital. This regulation, entitled Basel Endgame, was adopted at the recommendation of an international committee that meets in Basel, Switzerland, known as the Basel Committee on Banking Supervision (BCBS). This proposed rule would limit banks’ capacity to offer loans and increase costs for Americans overall.
Rep Ogles said: “Whether it's Davos, the United Nations, or the World Health Organization: when globalist elites meet from across the globe to discuss policy, it’s a pretty safe bet to do the opposite of what they tell you. In the case of Joe Biden regulating banks, the rule remains the same. The Basel Endgame proposal would increase costs for all Americans. It would force several financial institutions to lend less money and implement more fees. This rule would also deter investments in U.S. banks at an alarming rate. I am fighting to keep American banks first.”
Rep. Donalds stated: “Growth is critical to ensuring a healthy and thriving American economy. The rulemaking framework being pushed by the international community and jointly proposed by the Federal Reserve, FDIC, and OCC–known as Basel Endgame–would not only stifle economic growth but will ultimately increase costs for consumers. I’m proud to join Rep. Ogles in support of the Stop Basel Endgame Act. We must work to establish and maintain an accessible economy for all Americans.”
Grover Norquist, President of Americans For Tax Reform, said: “In 2018, Congress passed the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act to streamline and tailor regulations for the U.S. financial sector. By introducing the new bank capital rule, the Biden administration has tossed aside Congress’s work in favor of new rules developed by unelected bureaucrats. I am proud to support Rep. Ogles’s bill, which would prohibit the Federal Reserve and other regulators from adopting this rule and any other substantially similar rules that would increase the cost of capital for large swaths of the U.S. economy.”
Cosponsor (1): Rep. Byron Donalds (FL-19).
Groups Supporting (3): Americans for Tax Reform (ATR), the National Taxpayers Union (NTU), Competitive Enterprise Institute (CEI)
This is a companion discussion topic for the original entry at https://ogles.house.gov/media/press-releases/rep-ogles-defends-american-banks-globalist-mandates