Higher Capital Requirements will result in hard working low and moderate income American Families paying more for access to the 30 year prepayable at any time Fixed Rate Mortgage. That's why low and moderate income housing nonprofits are teaming up with the 'evil banksters' to protest higher Capital Requirements on the Hill.
Here's the rest of the article from yesterday's WSJ:
"WASHINGTON -- Everybody, it seems, is complaining about the Federal Reserve's plan to make big banks hold more capital.
Not surprisingly, large banks have led the charge, and Republicans who are frequent critics of regulators have pushed to ditch the proposal. But they have been joined by unlikely allies including a broad cross-section of Democratic lawmakers as well as affordable-housing advocates.
The broad pushback could complicate regulators' stated goal of boosting the system's resilience after a spate of midsize bank failures in 2023, say analysts and banking officials.
Dozens of House and Senate Democrats recently signed formal letters protesting aspects of the plan, floated in July. Members of the Congressional Black Caucus, housing advocates and civil-rights groups said it could widen a racial homeownership gap by making it more expensive for banks to offer mortgages to lower-income and minority borrowers.
Sen. Kirsten Gillibrand (D., N.Y.) said she worries U.S. banks would face stricter rules than competitors overseas. Fed officials have acknowledged that the U.S. rules would likely be tougher than those in other jurisdictions.
The rules implement the last in a series of steps global policymakers agreed on after the 2008-09 financial crisis, making banks around the world hold additional capital so they could weather downturns. The latest proposal aims to more explicitly and consistently guard against risks including cyberattacks.
The Fed's point person on the plan, Michael Barr, has signaled he is open to changes. At least some of those sought by Democrats could be achieved with relatively modest adjustments.
"We want to make sure that the rule supports a vibrant economy that supports low- and moderate-income communities," he said this month."
