Republican members of the House Financial Services Committee urged banking regulators to withdraw their Basel III Endgame proposal. The legislators argued that, as issued, the proposal "lacks justification, lacks rigorous quantitative analysis, and is procedurally flawed."
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The House Financial Services Committee, Subcommittee on Financial Institutions and Monetary Policy, considered testimony on whether the Federal Reserve should limit or expand its function as lender of last resort.
House Financial Services Committee Chair Patrick McHenry (R-NC) and Subcommittee Chair Andy Barr (R-KY) asked GAO to evaluate the role played by each federal banking agency in developing new capital standards consistent with the Basel Committee on Banking Supervision.
FDIC Vice Chair Travis Hill expressed concern that "an overreaction is underway" from regulators in response to the bank failures in March 2023.
The Congressional Research Service reviewed federal authority over financial institution insolvency and the response to the failures of Silicon Valley Bank, Signature Bank and First Republic Bank.