{"database": "press", "table": "releases", "rows": [["https://meuser.house.gov/media/press-releases/house-small-business-subcommittee-urges-review-basel-iii-implications-small", "House Small Business Subcommittee Urges Review of Basel III Implications on Small Enterprises", "2023-10-26", "2023", "2023-10", "Republican", "House", "PA", "Daniel Meuser", "M001204", "meuser.house.gov", "meuser", "https://meuser.house.gov/media/press-releases", "scraper", "WASHINGTON, DC \u2014 Members of the House Small Business Subcommittee on Economic Growth, Tax, and Capital Access, led by Chairman Dan Meuser (PA-09) and Ranking Member Greg Landsman (OH-01), sent a letter to Federal Reserve Chairman Jerome Powell and Vice Chair for Supervision Michael Barr raising concerns surrounding the implications of the proposed Basel III capital requirements and their likely impact on small business lending in the United States.\n\nThis move comes amid growing apprehension regarding tightening credit conditions, escalating costs of credit, and the overarching influence of increased capital mandates on small enterprises.\n\nRecent data, including findings from the Federal Reserve\u2019s Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) and the National Federation of Independent Businesses (NFIB) September 2023 Optimism Index, highlights a constricting credit environment for small firms, particularly those with annual sales below $50 million.\n\nThe Subcommittee underscores the unintended consequences of stringent capital requirements intended for larger banks, but which also indirectly affect smaller financial institutions and the small businesses they traditionally serve. There is a pressing need for a detailed review of the Basel III proposal, emphasizing their downstream effects on small, especially diverse-owned businesses in various communities.\n\nThe Subcommittee has requested a comprehensive economic analysis from the Federal Reserve, focusing on:\n\nThe potential effects of the Basel III Proposal on small business access to capital.\n\nThe specific impact on diverse-owned small businesses, considering the current high-interest-rate environment.\n\nThe consideration given to small business interests during the initial review phase of the proposal.\n\nThe letter, co-signed by members across party lines, demonstrates a unified front in advocating for small business interests. It requests a response from the Federal Reserve by November 15, 2023.\n\nChairman Dan Meuser said, \u201cEnsuring reliable and affordable access to capital for small businesses is non-negotiable for a balanced economy. We need pro-growth, pro-small business, and pro-American initiatives to support entrepreneurs in Pennsylvania and across the country. The last thing we need is for the cost of capital to spike for Main Street, limiting access and adding more economic pressures that strain small business owners and workers.\u201d\n\nRanking Member Greg Landsman said, \"One of the biggest challenges facing small business owners in Southwest Ohio and across the country is access to affordable capital. This bipartisan effort will give our local entrepreneurs stronger opportunities for success.\u201d\n\nRep. Sharice L. Davids said, \u201cIt's imperative we have accurate and up-to-date data to adequately support Kansas small businesses and their ability to access capital. I appreciate the opportunity to work with my House Small Business Committee colleagues from both sides of the aisle to advocate for small businesses across the county.\u201d\n\nRep. Mark Alford said, \"This is about safeguarding the American Dream for small business owners in Missouri\u2019s Fourth Congressional District and across America. They are a rich part of the fabric of our country and contribute greatly to the economy. Rural and veteran-owned small businesses, like those in my district, face increased challenges during this time. As members of the Small Business Committee, we must do everything we can to defend Small Businesses and the American Dream.\"\n\nText of the letter can be found here.\n\nThe Small Business Subcommittee continues its commitment to fostering an environment conducive to the growth and sustainability of small businesses nationwide, emphasizing the need for balanced regulations that support, not hinder, this critical sector.", 1, "2026-03-30T01:40:41Z", "2026-04-08T00:49:26Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://meuser.house.gov/media/press-releases/house-small-business-subcommittee-urges-review-basel-iii-implications-small"], "units": {}, "query_ms": 0.9465930052101612, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}