How Big Banks, Ranchers and Unions Found a Common Foe in Biden Regulators – By Philip Elliot (TIME) / March 18, 2024
When a member of Congress loses re-election and is trying to figure out what turned voters away, their position on an arcane bank regulation doesn’t usually come up. But a deep-pocketed lobbying effort is working overtime to make a handful of powerful lawmakers fear such a scenario could be their future.
Stranger still, the campaign may be working, as an unlikely and uneasy coalition is coming together on the Hill to shut down an effort to require big banks hold more cash to ensure the country avoids another Too Big to Fail moment.
It’s a battle that’s pitting liberal stalwarts like Sen. Elizabeth Warren against Wall Street-minded Democrats, rural state lawmakers, civil rights leaders, and consumer groups. And it’s why NFL fans in a few targeted markets saw TV ads talking about something known among financial insiders as Basel III Endgame.
“Families, seniors, farmers, and small businesses are already struggling to make ends meet,” says one such ad. “Washington needs to scrap Basel III Endgame and start over.”
CONTINUE > https://time.com/6958046/big-banks-too-big-to-fail-basel-3/
