In a recent government meeting, concerns were raised regarding the Basel 3 Endgame proposal and the lack of congressional authorization behind it. A key speaker highlighted that the proposal is being developed without direct input from Congress, questioning the legitimacy of the agencies involved in its formulation.

The discussion centered on the authority cited by regulatory agencies, which they claim is derived from broad statutory powers. This has led to apprehension about the decision-making process, particularly given that the individuals at the helm—Acting Comptroller of the Currency, Sue, and FDIC Chair, Gruenberg—are not fully confirmed by the Senate. The speaker pointed out that one of these officials has faced calls for replacement from the Democratic chairman of the Senate Banking Committee, raising further doubts about their suitability to influence such significant banking policies.

Critics argue that the Biden-Harris administration is prioritizing political interests over sound policy-making, potentially jeopardizing the stability of the banking sector. The meeting underscored the urgency of addressing the ramifications of the Basel 3 Endgame, as stakeholders expressed concern over the implications of these regulatory changes on the financial landscape.