Lucas and Chair Powell Agree: Bank Regulators Should Re-propose Basel

Jul 10, 2024

Washington, DC – Today, Congressman Lucas and Federal Reserve Chair Jerome Powell discussed the need for a re-proposal of Basel Endgame and plans to address inflation.

On a Basel Re-proposal:

Lucas: “You have reiterated how Members of the Board would like to see a revised Basel proposal put out for public comment, but you’re working through this process with the FDIC and OCC… Given the expected broad revisions, I hope the other Agencies agree that a complete re-proposal would be appropriate. Chairman Powell, could you give us some indication on what the potential timeline around a decision to re-propose could look like?”

Powell: “It is pretty uncertain… A baseline might be that we agree on a re-proposal of some kind that gives the public the chance to see these changes and react to them and write comment letters… that probably puts you well into next year. These are rules that banks are going to have to live with for a long time and we need to get them right. It’s not something we should be hurrying on – we need to take our time and get it right.”

On Addressing Inflation:

Lucas: “Folks back home are very concerned about inflation… When inflation isn’t effectively dealt with, it can spiral out of control. Could you expand for a little bit more about your approach when dealing with inflation in a way that doesn’t repeat the mistakes of the past?”

Powell: “One of the big lessons from the high inflation in the 70s… is that it’s really on the central banks to be on the case and do the job… Really, that is up to the central banks… That is an internalized lesson for people in central banking these days. We are committed to bringing inflation down sustainably to 2%.”

Click here to watch Lucas’ full Q&A (07/10/2024).

Recent Posts

Jul 23, 2024

Lucas Votes to Authorize Millions in Funds to Local Community Projects

Washington, DC – Congressman Frank Lucas (OK-03) released the following statement after the U.S. House of Representatives passed the Water Resources Development Act of 2024, which authorized millions of dollars for community projects in Woodward and Stillwater. Lucas voted in favor of the legislation.   “At a time when our political system appears to be in a constant […]

Jul 18, 2024

Congressman Lucas Welcomes New Field Representative to District Staff

Yukon, OK – Congressman Frank Lucas (OK-03) today announced an addition to his District Office staff following the hiring of Nathan Dethloff as a Field Representative. Originally from Lone Grove, Oklahoma, Nathan graduated in May of 2022 from Oklahoma State University. Most recently, in May of 2024, he earned a Master of Science in Agricultural […]

Jul 9, 2024

Secretary Yellen Defers on Basel, Supports Changes to Increase Liquidity in U.S. Treasury Market

Washington, DC – Today, Congressman Lucas followed up with Secretary Yellen on the impact of the Basel Endgame proposal and also potential reforms to increase participation in U.S. Treasury markets. Highlighted Quotes: Lucas: “During our discussion when you were last before the Committee, you largely deferred to the Fed, FDIC, and OCC on the details […]