Congressman David Scott Urges President Biden to End FDIC Delays Regarding Basel III Capital Rules Proposal

WASHINGTON- Today, Congressman David Scott (GA-13), Ranking Member of the House Agriculture Committee and senior member of the House Financial Services Committee, sent a letter to President Biden requesting his immediate assistance to end Federal Deposit Insurance Corporation (FDIC) board delays regarding Basel III endgame negotiations.

"Weeks of delays have prevented our prudential banking regulators from engaging in significant or substantive negotiations to reach a deal regarding the Basel III endgame capital rulemaking process. While I understand the concern by some members on the FDIC board who remain opposed to this carefully crafted re-proposal, we must reject the notion that the revised recommendations are nothing more than a giveaway to Wall Street banks," said Congressman David Scott. "President Biden must immediately request the FDIC board end its stalemate and move forward with a scheduled vote. Doing so will ensure the American public has enough time to review and comment on the carefully crafted revisions before the next Administration takes over."

For more than a year, Rep. David Scott has been calling for strong Basel III capital rules that strike the right balance between financial stability and economic growth. He has raised concerns related to the impact of the original Basel III proposal on key banking sectors like mortgage lending, small business lending and access to credit.

The text of the letter can be found HERE.