Inside the epic fight over new banking regulations

The Indicator from Planet Money

NPR

Business

4.7 • 9.5K Ratings

🗓️ 18 April 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

After the financial crisis of 2008, regulators around the world agreed banks should have more of a cushion to weather hard times. Now, U.S. regulators are once again looking to update minimum capital requirements through a set of proposals called Basel III Endgame. Today, on the show, a blow-by-blow account of this battle between bankers and regulators.

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Transcript

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0:00.0	NPR.
0:03.0	Today.
0:05.0	Today,
0:07.0	Today,
0:08.0	Today we are today today we are talking about Basel 3 endgame.
0:17.0	This does sound like a Marvel movie.
0:22.0	Doesn't it?
0:23.0	In reality, Basel 3 refers to these coordinated bank rules agreed on by regulators all over the world.
0:30.0	They do it in Basel, Switzerland, so that's where the Basel part of the name comes from, but the agreed
0:35.1	rules have to actually be implemented country by country as we're now seeing in the U.S.
0:41.6	Baderian, do you think that the regulators took inspiration from the Marvel
0:45.8	Avengers?
0:46.8	We're in the end game now.
0:48.8	Ooh!
0:49.8	I have no idea, but you know, it does does sound ominous and that's exactly how the banking industry
0:56.1	want it to sound. Here's an advertisement funded by the Bank Policy Institute which is a
1:01.8	trade association owned by the largest banks in the US.
1:05.0	And no one stands to lose more than working families.
1:08.0	Congress must take action to stop Basel Endgame before it's too late.
1:12.0	Jaunty soundtrack on that too.
1:14.0	Yeah, the clock is ticking.
1:16.0	And even Jerome Powell is spouting lines you might hear in an action movie
	...

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