Subcommittee Chairman Meuser and Chairman Williams Pen Letter to U.S. Federal Reserve Regarding New Capital Requirements
WASHINGTON, D.C. – Today, Congressman Dan Meuser (PA-09), Chairman of the Small Business Subcommittee on Economic Growth, Tax, and Capital Access, and Congressman Roger Williams (TX-25), Chairman of the House Committee on Small Business, called on U.S. Federal Reserve Chairman Jerome Powell and Vice Chairman Michael Barr to address the impact the Basel III Endgame proposal will have on small businesses and their ability to access affordable and reliable credit across the country.
“As a member of the Small Business and Financial Services Committees, I understand the connection between the financial system and main street,” said Congressman Dan Meuser. “The Fed's proposed increase to capital requirements jeopardizes our American small businesses' access to affordable and reliable credit nationwide. Striking a balance between financial system stability and fostering an environment for small businesses to thrive is crucial. Overregulation can stifle innovation and hinder our economy's progress. I urge the Fed to consider the implications of limiting banks' ability to extend credit, as it will negatively impact the millions of small businesses already struggling with the raft of burdensome regulations and taxes imposed on our job creators by the Biden Administration.”
“As a small business owner and Chairman of the House Small Business Committee, I experience firsthand the challenges faced by our community each and every day,” said Congressman Roger Williams. “The Federal Reserve’s proposal to increase bank capital requirements has the potential to inadvertently hinder small business growth and their contributions to the economy. This would increase borrowing costs and reduce credit access, which businesses rely on to expand their operations. It is crucial for the Federal Reserve to review this policy and consider its impact on the small business lending community.”
Read the full letter here.
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