Washington, D.C. —Tom Quaadman, Executive Vice President, Center for Capital Markets Competitiveness (CCMC) at the U.S. Chamber of Commerce issued the following statement today responding to the Federal Reserve Board’s proposal to increase capital requirements for American banks.
“Today’s announcement from the Federal Reserve Board to increase bank capital requirements is bad news for American businesses and consumers. Without fully demonstrating the need, the Federal Reserve Board has proposed to significantly increase the cost of accessing capital across the American economy. This will slow Main Street growth at a time when businesses are signaling a desire for more credit and depending on their banks to help them manage financial risks.
“To date, the Federal Reserve Board has failed to meet its obligation to make public its policy assessment of why these rules are necessary. The Federal Reserve Board should make public the findings of its Holistic Capital Review before attempting to advance these new rules.”
