Democrats are split over the issue of tougher bank regulations, as some of the party's lawmakers join their Republican colleagues in questioning the proposed...
Democrats are increasingly split over the issue of tougher bank regulations, as some of the party’s lawmakers join their Republican colleagues and bank executives in questioning whether the Federal Reserve and its partner agencies are going too far with proposed rules that critics say could slow growth and crimp lending to critical sectors of the economy.
Democrats have typically been supportive of stricter financial regulations, and the Basel process is being shepherded by Michael Barr, the Fed’s vice chair for supervision, who was appointed by President Joe Biden. The Democrats’ concerns echo those voiced by Republicans on the committee, all 29 of whom sent a letter to Barr and the heads of the FDIC and OCC demanding that they withdraw the proposal and start from scratch.
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