Sens. Joe Manchin (D-W. Va.) and Dean Heller (R-Nev.) introduced legislation last week that would require banking regulators to conduct a thorough cost-benefit analysis of the Basel III rules’ impact before issuing final rules.
Regulators, including the Federal Reserve, FDIC and OCC, would be required to include an analysis of the effect of Basel III capital regulations on the financial services industry and a determination of the rules’ long-term impact, particularly on community banks.
Sen. Richard Shelby (R-Ala.) has introduced similar legislation that would require regulators to conduct a “quantitative impact study of the cumulative effect” of Basel III rules before issuing final rules.
Last year, regulators delayed the implementation of Basel III reforms, which have been criticized for being overly burdensome and complex.