More Americans are speaking out about the unintended consequences Basel III Endgame might have on farmers, pensioners, and even people saving for retirement.

Here is what they are saying:

• National Council of Farmer Cooperatives, American Farm Bureau Federation, and six other farmers associations: "We are concerned that recent bank capital proposals will have unintended consequences for the health of US derivatives markets and make hedging significantly more expensive for all market participants… There are many types of commercial entities that use derivatives, including asset managers, pension funds, insurance companies, energy producers and auto manufacturers. We are very concerned that any contraction in the availability of clearing services will have a disproportionate impact on agricultural end users that are far outside the major financial centers, especially smaller entities such as grain elevators and family farms. We urge you to modify the proposals so that they do not disincentivize banks from providing this important service to their customers."
• Marcie Frost, CEO of California Public Employees' Retirement System (CalPERS): "By exclusively hinging assessments of credit risk on whether the entities have publicly traded securities, the Proposal would create an artificial distinction between entities with similar actual risk profiles. Worse, it would inexplicably punish highly regulated, transparent, low-risk public pensions that have not issued publicly traded securities, even if they objectively offer greater transparency and pose lesser credit risks than some private entities that have issued such securities… The Proposal would punish CalPERS - and its two million beneficiaries - because it does not issue publicly traded debt securities. That error should be remedied."

Americans have made their position clear: The Fed needs to go back to the drawing board on Basel III Endgame.