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APGA Shares Concerns About Harmful Banking Regulations on Capitol Hill

By Joshua St.Pierre posted 03-07-2024 10:20 AM

  
APGA joined members of the Coalition for Derivatives End-Users, a group that represents hundreds of end-user companies across the country, on Capitol Hill this week to share our serious concerns with the planned adoption of new banking regulations. These regulations, known as Basel III Endgame would impose restrictive measures on the banking industry that have the potential to make it more difficult and more expensive for public gas systems to do business. Read more about the proposed regulations and a congressional briefing that APGA Vice President of Government Relations, Stuart Saulters, participated in here. 
 
APGA met with staff from several Senate offices and educated staffers on the potential for increased costs, including energy rates, and economic instability should these proposed regulations move forward. All this comes at a time of great financial uncertainty for many Americans who are recovering from inflationary impacts. The Coalition for Derivatives End-Users and APGA are calling on Congress to take action and encourage the Federal Banking Agencies to withdraw and re-propose the Basel III Endgame rules with significant revisions that will protect end-users. Read the letter that APGA signed onto here.  
These conversations with Senate offices occurred just days before a hearing in the Senate Committee on Banking, Housing, and Urban Affairs at which Jay Powell, Chair of the Board of Governors of the Federal Reserve System, testified. Senators on the committee pressed Chairman Powell to respond to several questions that stakeholders had shared with their offices about the consequences of adopting Basel III Endgame rules. In response, Chairman Powell told the committee that he expects “broad and material changes” to be made to aspects of the proposal in the coming weeks. 
 
APGA staff will continue to engage on this issue and will update the Regulatory and Legislative Committees as appropriate. 
 
For questions on this article, please contact Joshua St.Pierre of APGA staff by phone at 202-407-0015 or by email at jstpierre@apga.org.     

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