In today's press conference, Federal Reserve Chair Jerome Powell said the Fed hasn't "made any decisions on policy or process" and reiterated what he told lawmakers in March on potentially re-proposing the rule.

"If we conclude that that re-proposal is appropriate, we won't hesitate to insist on that."

Powell also affirmed that the Fed is committed to "carrying out Basel III Endgame in a way that's faithful to Basel and also comparable to what the other large comparable jurisdictions are doing." 

Basel III Endgame as proposed by U.S. regulators goes well beyond what is being implemented in other regions. The U.S. version of the Basel III Endgame standards is poised to be more stringent than its equivalents in the U.K. and Eurozone, which are looking at single digit increases, compared to a 25% increase in the U.S.

The end result? If Basel III Endgame were implemented as proposed, companies that rely on U.S. banks would be at a competitive disadvantage when selling goods and services in key overseas markets. It's time to scrap the proposal and start over.