Big bank CEO testimony to US Congress on Basel III made for good TV, but did it matter?

At the December 6, 2023 Senate Banking Committee hearing on the Basel III Endgame proposals, even the first 10 minutes of speeches were classic: they captured the big sound bites of each party, the fury of populists angry at bank failures in 2008, and the assuredness that the market must be kept open to allow access to capital. Ohio Senator Sherrod Brown sneered at the Stop Basel Endgame ads on the DC subways. South Carolina Senator Tim Scott talked about the entrepreneur’s dream. And of course, the CEOs made their points that gold-plating of US Basel III Endgame rules will decrease access to capital for working class families. But we have to ask, what’s did this matter besides scoring political points?
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