From left: Wells Fargo CEO Charles Scharf, Bank of America CEO Thomas Moynihan, JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, State Street CEO Ronald O'Hanley, BNY Mellon CEO Robin Vince, Goldman Sachs CEO David Solomon and Morgan Stanley CEO James Gorman, are sworn-in at a Senate banking committee hearing on “Basel III Endgame” on...
From left: Wells Fargo CEO Charles Scharf, Bank of America CEO Thomas Moynihan, JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, State Street CEO Ronald O'Hanley, BNY Mellon CEO Robin Vince, Goldman Sachs CEO David Solomon and Morgan Stanley CEO James Gorman, are sworn-in at a Senate banking committee hearing on “Basel III Endgame” on Dec. 6, 2023.
The core of this expensive and esoteric dogfight comes down to this: should some banks have to keep more cash reserves to ward off insolvency? After three banks failed last year, interest in making sure the surviving institutions could weather unexpected challenges rose, leading to a revisiting of a framework published back in 2010 in response to the 2008 financial crisis.
What comes to the fore in this debate is a rare schism among Democrats about what the party stands for. While most Democrats have rallied on commonalities like stronger worker protections and reproductive rights, this banking proposal is less clear cut.
Elsewhere, the Columbus/Central Ohio Building and Construction Trades Council and its 18,000 unionized tradesmen are opposing the move because it could force infrastructure projects to scale back if the cost of borrowing cash rises. Similarly, the American Clean Power Association—made up of some of the biggest names in emerging tech and legacy energy suppliers alike—that the new requirements could cut investments by as much as 90% from some pockets of the market.
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