On August 8, several members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs sent a letter to the heads of the Fed, the FDIC, and the OCC. The letter requested more rigorous data and analysis on the economic impacts of the agencies’ proposed reduction of the enhanced supplementary leverage ratio (eSLR). The committee asked the agencies to provide Congress and the public with detailed information on the short- and long-term implications of the proposal, including potential risks. The letter also requested the comment deadline be extended by 90 days from the date the agencies publish the additional information, noting the current 60-day comment period is insufficient for a proposal of this magnitude.
As previously covered by InfoBytes, the OCC, the Fed, and the FDIC issued on June 27 a NPRM to revise the eSLR for U.S. global systemically important banks (GSIBs) and their subsidiaries. The agencies are seeking comments on the proposal by August 26. Prior to the notice of proposed rulemaking, on June 23, Sen. Elizabeth Warren (D-MA) sent a separate letter to the federal banking agencies raising concerns over reports that the prudential regulators intended to ease the eSLR (covered here).
The committee also requested the agencies submit answers to interrogatories to the proposal’s comment file as soon as practicable, but no later than September 2.
[View source.]
