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fill="white"/> <path class="hide_mobile" d="M72.477 0H71.5942V45H72.477V0Z" fill="white"/> <path d="M20.4954 38.1459H0V45H20.4954V38.1459Z" fill="white"/> <path d="M58.3081 38.1459H38.0554V45H58.3081V38.1459Z" fill="white"/> <path d="M58.3302 10.7813H51.0325V33.6703H58.3302V10.7813ZM15.1619 21.1922C15.1619 24.2969 14.772 26.3939 13.9848 27.4683C13.1977 28.5427 12.2045 29.0836 10.9981 29.0836C9.98286 29.0836 9.11479 28.6391 8.38649 27.7499C7.65819 26.8607 7.29772 25.5492 7.29772 23.8004V19.0359C7.29772 17.1612 7.65083 15.7163 8.34971 14.6937C9.04858 13.6712 9.99758 13.1673 11.1893 13.1673C12.2193 13.1673 13.1388 13.6193 13.9481 14.5233C14.7573 15.4273 15.1619 17.6503 15.1619 21.1848M20.0834 30.6101C21.7828 28.2241 22.6288 25.0897 22.6288 21.2144C22.6288 17.339 21.8049 14.012 20.157 11.7076C18.5091 9.39569 16.2654 8.23975 13.4184 8.23975C10.5714 8.23975 8.59983 9.45496 7.29772 11.8928V0H0V33.6703H3.89162C4.51693 31.5956 5.06132 30.3211 5.51743 29.8469C6.57677 31.5882 7.62876 32.7515 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id="clip0_162_42"> <rect width="343" height="45" fill="white"/> </clipPath> </defs> </svg> </a> </div> <div class="menu_holder"> <div class="menu-primary-menu-container flex align--center"><ul id="header-nav" class="menu"><li id="menu-item-20" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-home current-menu-item page_item page-item-17 current_page_item menu-item-20"><a href="https://stopbaselendgame.com/" aria-current="page">Home</a></li> <li id="menu-item-14" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-14"><a href="https://stopbaselendgame.com/one-pagers/">One-pagers</a></li> <li id="menu-item-321" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-321"><a href="https://stopbaselendgame.com/congressional-corner/">Congressional Corner</a></li> <li id="menu-item-15" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-15"><a href="https://stopbaselendgame.com/capital-101/">Capital 101</a></li> <li id="menu-item-89" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-89"><a href="#form-anchor">Stay Informed</a></li> </ul></div> </div> <div class="mobile_menu_button"> <div id="nav-icon3"> <span></span> <span></span> <span></span> <span></span> </div> </div> </header> <div class="container"> <div class="sidebyside_hero"> <div class="sidebyside_left content left"> <div class="flex"> <div class="new_eyebrow">An initiative of the Bank Policy Institute</div> <div class="large_block_underlined"><div><span>STOP BASEL</span><div class="underline"></div></div><div><span>ENDGAME</span><div class="underline"></div></div></div> <div class="button_holder"> <div class="ghostbutton2"> <a href="https://www.congress.gov/members/find-your-member">Contact Your Representative</a> </div> </div> </div> </div> <div class="sidebyside_right content right"> <div class="sidebyside_right_inner"> <div class="new_copyhero"> <p style="color: white;">The federal government’s Basel Endgame proposal will have real costs for everyday Americans. These capital requirements will create a drag on our economy for years to come — <strong>and will hurt working families and small businesses.</strong></p> </div> </div> </div> </div> <div class="stats_sidebyside"> <div class="stats_sidebyside_left content left"> <img src="https://stopbaselendgame.com/wp-content/uploads/2023/08/nearly20.png"/> </div> <div class="stats_sidebyside_right content right"> <div class="new_section_title">What is Basel Endgame?</div> <div class="new_copy_section"><p>The recently unveiled proposal from the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency aims to require financial institutions to hold significantly higher capital, as much as <strong>16–19% more</strong>, depending on the size of the institution. This would limit banks’ capacity to offer things like mortgages, car loans, credit cards and small-business loans.</p> </div> </div> </div> <div class="large_center_holder content top"> <div class="large_center"> <div class="large_center_eyebrow">This proposal will have</div> <div class="large_center_headline"> <div>real consequences for</div> <div>everyday Americans.<div class="underline"></div></div> </div> </div> </div> <div class="blue_section"> <div class="blue_sidebyside"> <div class="blue_sidebyside_left content left"> <p><strong>For many, the dream of owning a home will become more elusive,</strong> as the proposal drastically increases the capital charge for home mortgages with lower down payments, putting homeownership further out of reach for many buyers.</p> <p><strong>Small businesses will struggle</strong> because the proposal will make it harder to obtain financing, meet payroll and support their local communities.</p> <p>Regulators claim this is necessary to protect the stability of the financial system, but it will have real consequences for families and small businesses across the country.</p> </div> <div class="blue_sidebyside_right content right"> <div class="elevated_image" style="background-image: url('/wp-content/uploads/2023/08/smalltown-1.jpg');"> <video id="background-video" autoplay loop muted poster=""> <source src="/wp-content/uploads/2023/08/Stocksy_comp_watermarked_5390454.mp4" type="video/mp4"> </video> </div> </div> </div> <div class="large_center_holder_blue"> <div class="large_center_blue content top"> <div class="large_center_eyebrow_blue">CONTACT YOUR REPRESENTATIVES & TELL THEM TO</div> <div class="large_center_headline_blue"> <div>STOP BASEL ENDGAME.</div> </div> <div class="button_holder"> <div class="ghostbutton"> <a href="https://www.congress.gov/members/find-your-member">contact now</a> </div> </div> </div> </div> </div> <div class="grey_quote_section"> <div class="grey_quote_holder content top"> <div class="quote_mark"><img src="/wp-content/uploads/2023/08/quotes.svg"/></div> <div class="grey_quote">"If these standards are adopted, they will have a devastating impact on our efforts to increase Black homeownership and disadvantage all first-time, and, in particular, first-generation homebuyers who do not have the benefit of multi-generational wealth or higher-than-average incomes."</div> <div class="grey_author"><a href="https://nhc.org/wp-content/uploads/2023/07/Housing-Groups-Letter-re-Bank-Capital-7.25.23.pdf" target="_blank">– National Housing Conference, NAACP and Coalition of Housing and Consumer Groups</a></div> </div> </div> <div class="stats_section"> <div class="stats_title content top">Economic Contributions of Banks Affected by this Proposal:</div> <div class="stats_disclaimer content top">(Banks Affected by this Proposal refers to Bank Holding Companies with greater than $100 billion in assets at the end of 2022)</div> <div class="stats_holder"> <div class="stat_holder content left"> <div class="stat"><span>$1.76 TRILLION</span><div class="underline"></div></div> <div class="stat_copy">in loans to households for things like auto loans and credit cards</div> </div> <div class="stat_holder content left"> <div class="stat"><span>$1.84 TRILLION</span><div class="underline"></div></div> <div class="stat_copy">in commercial and industrial loans</div> </div> <div class="stat_holder content left"> <div class="stat"><span>$259 BILLION</span><div class="underline"></div></div> <div class="stat_copy">in municipal loans and securities</div> </div> <div class="stat_holder content left"> <div class="stat"><span>$14.7 BILLION</span><div class="underline"></div></div> <div class="stat_copy">in agricultural loans</div> </div>  </div> </div> <div class="map2">  </div> <div class="video_row_module"> <div class="video_row_module_left content left"> <div class="video_row_module_title">How does requiring higher bank capital affect lending?</div> <div class="video_row_module_copy"><p>When capital requirements are set excessively high, it makes it much harder to secure a loan or credit — this is especially true for working families and small businesses.</p> </div> <div class="video_row_module_button"> <a href="https://stopbaselendgame.com/capital-101/">LEARN MORE</a> </div> </div> <div class="video_row_module_right content right"> <div class="video_row_module_right_inner" style="background-image: url('');"> <div style="padding: 56.25% 0 0 0; position: relative;"><iframe style="position: absolute; top: 0; left: 0; width: 100%; height: 100%;" title="Hype Reel_Preview_V3" src="https://player.vimeo.com/video/859433217?h=ebd50f8f28&badge=0&autopause=0&player_id=0&app_id=58479" frameborder="0"></iframe></div> <p><script src="https://player.vimeo.com/api/player.js"></script></p> </div> </div> </div> <div class="dropdowns_holder"> <div class="backgroundcolor_dropdowns"></div> <div class="dropdowns_inner content top"> <div class="site_title">Problems with the proposal:</div> <div class="dropdowns"> <div class="borderTopDropdown"></div> <div class="dropdown"> <div class="dropdown_inner"> <div class="dropdown_top"> <div class="dropdown_title">Large banks are well capitalized and highly resilient to economic downturns. </div> <div class="dropdown_icon"> <svg xmlns="http://www.w3.org/2000/svg" width="16" height="16" fill="#ff9b00" class="bi bi-chevron-down" viewBox="0 0 16 16"> <path fill-rule="evenodd" d="M1.646 4.646a.5.5 0 0 1 .708 0L8 10.293l5.646-5.647a.5.5 0 0 1 .708.708l-6 6a.5.5 0 0 1-.708 0l-6-6a.5.5 0 0 1 0-.708z"/> </svg>  </div> </div> <div class="dropdown_bottom"> <div class="dropdown_bottom_inner">  <p>Bank capital requirements in the U.S. have increased significantly since the Global Financial Crisis, largely driven by the post-crisis reforms of Basel III and stress testing. <strong>Common equity tier 1 capital (the highest quality and most reliable form of capital) increased nearly 3.5x since 4Q07.</strong></p>   <div class="dd_section_title">Common Equity tier 1 capital of u.s. large banks </div>   <figure class="wp-block-image size-large"><img src="https://stopbaselendgame.com/wp-content/uploads/2023/08/graph_dd1-1024x789.png" alt="" class="wp-image-98"/></figure>   <p>Every year the Federal Reserve conducts a stress test of banks to determine whether banks have enough capital on hand to withstand a severe economic downturn — a hypothetical scenario that is often so severe that it assumes a recession worse than any since World War II. Banks’ performance on these tests and their ability to withstand real-world scenarios like COVID-19 demonstrate their resilience. Additionally, the “loss-absorbing capacity of large banks” (the amount banks can withstand losing without requiring emergency support) was $2.8 trillion as of the end of 2021. <strong>That’s 9x higher than the banks were estimated to lose during the Fed’s 2022 stress test.</strong></p>   <div class="dd_section_title">Loss-absorbing resources of large banks</div>   <figure class="wp-block-image size-large"><img src="https://stopbaselendgame.com/wp-content/uploads/2023/08/graph2_dd1-1024x769.png" alt="" class="wp-image-100"/></figure>  </div> </div> </div> </div> <div class="borderTopDropdown"></div> <div class="dropdown"> <div class="dropdown_inner"> <div class="dropdown_top"> <div class="dropdown_title">The proposal disadvantages U.S. businesses and raises costs for consumers by imposing measures that are more extreme than both foreign jurisdictions and what was established under the original Basel agreement.</div> <div class="dropdown_icon"> <svg xmlns="http://www.w3.org/2000/svg" width="16" height="16" fill="#ff9b00" class="bi bi-chevron-down" viewBox="0 0 16 16"> <path fill-rule="evenodd" d="M1.646 4.646a.5.5 0 0 1 .708 0L8 10.293l5.646-5.647a.5.5 0 0 1 .708.708l-6 6a.5.5 0 0 1-.708 0l-6-6a.5.5 0 0 1 0-.708z"/> </svg>  </div> </div> <div class="dropdown_bottom"> <div class="dropdown_bottom_inner">  <p>Banks will be required to treat certain businesses and business activities as riskier than others, which could have a disproportionate effect on small businesses, municipalities, middle-market and large corporates, mutual funds, pension funds, insurance companies and corporates that use derivatives to hedge risks.</p>   <p>It further increases costs for mortgage borrowers with less than 20% down payments – the borrowers most affected by rising prices.</p>   <p>Banks would be less able to extend or increase credit card limits and home equity lines of credit (HELOCs).</p>   <p>Credit utilization rates factor into FICO scores, so a reduction in credit availability would reduce FICO scores, thereby further increasing borrowing costs for many prospective homebuyers.</p>  </div> </div> </div> </div> <div class="borderTopDropdown"></div> <div class="dropdown"> <div class="dropdown_inner"> <div class="dropdown_top"> <div class="dropdown_title">The proposal was developed without transparency or accountability. Regulators have provided NO analysis to support the vast majority of these increases.</div> <div class="dropdown_icon"> <svg xmlns="http://www.w3.org/2000/svg" width="16" height="16" fill="#ff9b00" class="bi bi-chevron-down" viewBox="0 0 16 16"> <path fill-rule="evenodd" d="M1.646 4.646a.5.5 0 0 1 .708 0L8 10.293l5.646-5.647a.5.5 0 0 1 .708.708l-6 6a.5.5 0 0 1-.708 0l-6-6a.5.5 0 0 1 0-.708z"/> </svg>  </div> </div> <div class="dropdown_bottom"> <div class="dropdown_bottom_inner">  <p>It is based on an agreement struck among U.S. and global regulators without Congressional mandate or the protections of the Administrative Procedure Act. It was never submitted to the U.S. Senate (as is done with other international agreements). It was never formally approved by the OCC, Fed or FDIC. <strong>The deliberations and decision-making at Basel were never made public.</strong></p>   <p>The agencies have continued the opacity in their own processes. Although Vice Chair Barr promised to conduct a “holistic review” of U.S. capital requirements, no records of the review were made public. The agencies failed to provide any meaningful analysis as explanation and justification for the proposal.</p>   <p>The proposal lacks a robust benefit analysis to justify the capital increases. The proposal includes a dedicated section titled “Impact and Economic Analysis,” with two separate sections focusing on the effect on lending and trading activity. However, concerning the economic effects, the proposal merely references academic papers without conducting any actual analyses of how bank behavior would change, considering their current balance sheets and capital targets.</p>   <p>Only a few weeks before the proposal was released to the public, Federal Reserve Governor Lisa Cook testified that she was not provided an opportunity to review a draft of the 1,000-plus-page proposal.</p>   <figure class="wp-block-video"><video controls poster="/wp-content/uploads/2023/08/Screenshot-2023-08-24-at-12.41.40-PM-2.png" src="https://stopbaselendgame.com/wp-content/uploads/2023/08/Lisa-Cook-Haggerty-Hearing-Clip-2.mp4"></video></figure>   <div class="under_video_dd"> <p class="caption">U.S. Senate Committee on Banking, Housing, and Urban Affairs Executive Session, June 21, 2023</p> <div class="video_quote"> <div class="video_quote_copy">"So, for the record, you've not reviewed a draft, you have not seen this as a thousand-page proposal? You have not had an opportunity to look at any of this at this point?"</div> <div class="video_quote_author">– U.S. Senator Bill Hagerty (R-TN)</div> </div> </div>  </div> </div> </div> </div> <div class="borderTopDropdown"></div> <div class="dropdown"> <div class="dropdown_inner"> <div class="dropdown_top"> <div class="dropdown_title">The new proposal undermines Congress and effectively repeals rules that tailored regulations to a bank’s size. </div> <div class="dropdown_icon"> <svg xmlns="http://www.w3.org/2000/svg" width="16" height="16" fill="#ff9b00" class="bi bi-chevron-down" viewBox="0 0 16 16"> <path fill-rule="evenodd" d="M1.646 4.646a.5.5 0 0 1 .708 0L8 10.293l5.646-5.647a.5.5 0 0 1 .708.708l-6 6a.5.5 0 0 1-.708 0l-6-6a.5.5 0 0 1 0-.708z"/> </svg>  </div> </div> <div class="dropdown_bottom"> <div class="dropdown_bottom_inner">  <p>Congress recognized that not every bank poses the same level of risk; therefore, not every bank should be held to the same rules. <strong>The new proposal effectively reimposes a “one-size-fits-all” regulatory standard and represents a de facto repeal of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, also referred to as “S.2155”).</strong></p>  </div> </div> </div> </div> <div class="borderTopDropdown"></div> <div class="dropdown"> <div class="dropdown_inner"> <div class="dropdown_top"> <div class="dropdown_title">It benefits private equity and hedge funds at the expense of working Americans and broader financial stability.</div> <div class="dropdown_icon"> <svg xmlns="http://www.w3.org/2000/svg" width="16" height="16" fill="#ff9b00" class="bi bi-chevron-down" viewBox="0 0 16 16"> <path fill-rule="evenodd" d="M1.646 4.646a.5.5 0 0 1 .708 0L8 10.293l5.646-5.647a.5.5 0 0 1 .708.708l-6 6a.5.5 0 0 1-.708 0l-6-6a.5.5 0 0 1 0-.708z"/> </svg>  </div> </div> <div class="dropdown_bottom"> <div class="dropdown_bottom_inner">  <p>Private capital markets—private equity, hedge funds, loan mutual funds, finance companies and business development companies—have significantly increased their market share since the adoption of Basel I in early 1990s.</p>   <p>The adoption of this proposal would further boost the migration of business debt and other types of lending (mortgages) to nonbanks.</p>   <p><strong>Academic studies generally find that borrowers are generally worse off borrowing from nonbanks than from banks, as nonbanks are:</strong></p>   <ul> <li>Charging significantly higher interest rates than banks do</li>   <li>Lacking the funding or the expertise to conduct loan workouts</li>   <li>Unable to provide liquidity to their borrowers during a crisis</li> </ul>   <div class="dd_section_title">Bank Share of the home purchase mortgage market: 1995 through 2022</div>   <figure class="wp-block-image size-full is-resized"><img src="https://stopbaselendgame.com/wp-content/uploads/2023/08/graph1-2.jpg" alt="" class="wp-image-109" style="width:1084px;height:750px" width="1084" height="750"/></figure>   <div class="dd_section_title">Bank Share of Business Debt</div>   <figure class="wp-block-image size-full is-resized"><img src="https://stopbaselendgame.com/wp-content/uploads/2023/08/graph2-2.jpg" alt="" class="wp-image-110" style="width:1082px;height:738px" width="1082" height="738"/></figure>  </div> </div> </div> </div> </div> </div> </div> <div class="blue_background_section_lower"> <div class="more_stable"> <div class="more_stable_left content left"> <div class="more_stable_title">Will it make the economy more stable?</div> <div class="more_copy"> <p>No.</p> <p>Instead of increasing stability, this will increase risk by creating market instability outside of regulators’ reach and pushing consumers to unregulated, more expensive financial services products. Private equity and hedge funds are exempt from the Basel requirements, and they will reap the benefits of diverted banking demand, driving higher consumer costs and greater market instability.</p> <p>The capital requirements set by the Federal Reserve will have a dramatic effect on the U.S. economy. <strong><a href="https://www.bis.org/bcbs/publ/wp37.pdf">Studies show</a> that every percentage point increase in capital requirements slashes about $42 billion of domestic output per year.</strong></p> </div> </div> <div class="more_stable_right content right"> <img src="https://stopbaselendgame.com/wp-content/uploads/2023/08/42-billion-1.png"/> </div> </div> </div> <div class="dark_blue"> <div class="phone2action"> <div class="phone2action_left content top"> <div class="phone2action_title">WHAT SHOULD BE DONE?</div> <div class="phone2action_copy"><p>The banking agencies should engage in a robust and thorough economic analysis of the proposal’s effects. 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