Campaign led by the Financial Services Forum and its member banks will run a television ad to raise awareness of the negative impacts of Basel III Endgame

WASHINGTON, D.C. — The "Another Bill Americans Can't Afford" campaign, an initiative led by the Financial Services Forum (the Forum) and its member banks to raise awareness of the negative impacts of Basel III Endgame, will run a television ad during the annual State of the Union address on Thursday, March 7th. As the president discusses the state of the economy, this ad points to the unnecessary harm this proposal will have on American families and businesses. 

The ad highlights the consequences that Washington's capital regulation plan will have on families, seniors, farmers, and small businesses. Basel III Endgame will make loans, utilities, and groceries more expensive—and make it harder to access credit. Implementing Basel III Endgame will only make the cost of living higher for Americans already facing increased prices.

"It's imperative that regulators consider the unintended consequences of the Basel III Endgame proposal," said Kevin Fromer, president and CEO of the Forum. "This excessive proposal will result in greater costs for consumers and for businesses of all sizes. Americans cannot afford Basel III Endgame; regulators should re-propose their rule to avoid higher capital requirements and their costs to the economy."

The ad underscores the concerns raised by people, companies and organizations from across the country. According to a recent Latham & Watkins analysis, of the 356 comment letters submitted to regulatory agencies, 97 percent were opposed to parts or all of the proposed rule and 86 percent of the negative comment letters were from outside the banking sector. This is one of many ads that the campaign is running to raise awareness of the unintended consequences of Basel III Endgame. Watch the ad here.