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53 Senators Urge Regulators To Re-Consider Impact Of Basel Iii Proposals

Posted on 9/27/2012

"A strong and viable capital base is vital to ensure financial institutions are able to absorb unexpected losses," a bi-partisan group of 53 Senators said in a letter the banking regulators this morning. "However, in developing rules to meet these objectives, we strongly urge the Agencies to consider the impact that applying standards developed for large, complex institutions will have on the unique and vital role that community banks play within the U.S. financial system."

The Senators - led by Sen. Mark Warner (D-VA) and Sen. Patrick Toomey (R-PA) - explained that the proposals would "exacerbate" capital-raising issues, with the unintended consequences of reducing lending and economic growth.

"[T]he complexity of new global rules adds little value to the community institutions which your agencies rigorously regulate and monitor," wrote the Senators, representing a clear majority of the chamber. "As you review these proposed rules, we respectfully request you consider these unintended consequences and their effect on the viability of community banks across the country."

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