Today, Federal Reserve Governor Christopher Waller stated that Basel III Endgame needs a "major overhaul," suggesting that regulators should consider "just taking it back and starting over."

Waller points out that the proposed rule requires a big increase in capital for banks, which will impact product services, such as loans, and increase borrowing costs for consumers, stating, "We're basically going to impinge on capital market functioning both in terms of product services and pricing. I don't understand why we want to do that in a way that it's not seriously showing any threats."

As the public comment period comes to a close, regulators will have to consider the nearly 200,and counting, comments in opposition to the proposal's changes to capital requirements. A rule eliciting this volume of concerns from voices across the economy can't just be tweaked. Governor Waller is right, we need regulators to go back to the drawing board on Basel III Endgame.