Lummis Challenges Restrictive Biden Administration Policies in Senate Banking Hearing

December 7, 2023

WASHINGTON, D.C.— U.S. Senator Cynthia Lummis (R-WY) spoke with leaders of the nation’s largest banks in the Senate Committee on Banking, Housing and Urban Affairs hearing about the impacts of Basel III Endgame and pushed back on this administration’s prosperity-killing agenda and the impact it will have on Wyoming. Basel III Endgame is a proposal by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) that would require the largest US banks to hold significantly higher amounts of capital. These costs will ultimately be borne by the consumers and small businesses that will see even higher borrowing costs at a time of already high rates.

“The Biden administration has a well-documented history of blindly pushing burdensome regulations at the expense of American prosperity. Its latest proposal will ramp up costs to expand Wyoming’s small businesses or purchase a home at a time when many are already struggling,” said Lummis. “Basel III Endgame will make it more expensive for the biggest banks to lend and provide financial services, limiting our growth potential and hurting millions of households, even those who bank at a local bank or invest in mutual funds. Instead of unnecessarily sidelining our banks, we should be focused on promoting economic growth through financial innovation and looking out for consumers, not crushing our marketplace.” 

Watch her remarks here