WASHINGTON, D.C.— Shayna Olesiuk, Director of Banking Policy, issued the following statement in connection with the filing of Better Markets’ supplemental comment letter on the Regulatory Capital Rules related to the Basel III Endgame proposal.

“Well-capitalized large banks are essential for a strong banking sector, financial system, and economy where Main Street families, businesses, and community banks can thrive. Unfortunately, Wall Street is spending millions and millions of dollars on a relentless lobbying campaign to mislead the public on modest capital requirements that will help prevent the next financial crash and increase lending. On issues like minority and small business lending, Wall Street is twisting and manipulating data to support its own self-serving arguments so it can protect executive bonuses.

“Our comment letter shows that many of the industry’s anti-capital claims lack a valid basis or are disproven by research and data. The proposed Basel Endgame will actually promote financial stability and resilience, will increase lending to American businesses and families, and provide increased transparency in our financial system. Now it’s the time for regulators and policymakers to dismiss Wall Street’s massive influence campaign and do what is best to protect our financial system and the financial well-being of the American people.”

Read our comment letter here.

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.