Banks are sending the highest number of lobbyists to Washington, D.C., since the GFC in 2007 as the Biden administration looks to institute new regulations.
Proposed banking regulations in Congress would disproportionately hurt average Americans while not addressing the current issues in the banking system.
Key U.S. regulators have proposed the Basel III endgame requirements that would place greater capital restrictions on banks, tightening credit for average Americans who are already suffering from high interest rates.
Wall Street bankers at Wednesday's Senate Banking Oversight Committee hearing on the stability of the U.S. banking system were united in their opposition to stricter capitalization regulations.