SIFMA Statement on Basel III Implementation Proposals

Washington, D.C., March 19, 2026 - SIFMA today released the following statement from Kenneth E. Bentsen, Jr., President and CEO of SIFMA, regarding prudential regulators' proposals to revise the U.S. bank capital framework, including changes to the G-SIB capital surcharge, and implement the final phase of Basel III:

"We appreciate policymakers' efforts to revisit the earlier Basel III proposals and to take a more data-driven approach to recalibrating the U.S. bank capital framework, including the G-SIB capital surcharge. Strong capital standards are essential to a resilient financial system, and U.S. banks today are among the best capitalized in the world.

"As policymakers consider these revisions, it is important that the final framework is appropriately tailored, risk sensitive, and harmonized with other global capital markets and avoids unnecessary constraints on banks' ability to support economic growth, capital markets activity, and client financing. In particular, the treatment of market risk under the Fundamental Review of the Trading Book should appropriately reflect the lower-risk of many capital markets activities and avoid disproportionate capital charges that could reduce market liquidity and increase costs for businesses and investors across the U.S. economy.

"SIFMA looks forward to reviewing the proposals in detail and engaging constructively with regulators during the comment process."

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry's nearly 1 million employees, we advocate for legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.