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http://royce.house.gov/news/documentsingle.aspx?DocumentID=398220 Rep. Royce Explores Economic Impacts of Lack of Short-Term Access to Capital 2016-12-09 2016 2016-12 Republican House CA Edward Royce R000487 royce.house.gov     legacy U.S. Representative Ed Royce (R-Calif.) questioned witnesses about the ramifications of recent rules and regulations on short-term access to capital during a Subcommittee on Capital Markets and Government Sponsored Enterprises hearing entitled “The Impact of Regulations on Short-Term Financing.” “The United States is home to capital markets that are unmatched in terms of the size of our markets, the transparency, the depth, and the resiliency as we have seen. They provide the fuel that keeps the largest economy in the world moving, and allow for investment, development and ultimately allow for job growth. At the end of the day, wages per worker are dependent upon productivity per worker, that’s dependent upon investment per worker, and that’s dependent upon the capital markets and getting everybody into the capital markets. The European Commission recently engaged in what they called a ‘Call for Evidence’. That was a request to the public for feedback on 'interactions, inconsistencies, and gaps' and 'unintended consequences' created by Europe’s regulatory framework, created by their bureaucracy. Mr. Toomey, should U.S. regulators engage in a similar project as the EU’s 'Call for Evidence', and what would the benefits be of such an undertaking?” asked Chairman Royce.“The European Commission effort in the 'Call for Evidence'… provides a framework for doing this cumulative analysis on the effects of all these different and overlapping regulations. The parameters that the European Commission outlined, the impact on economic growth, we think is key. Obviously the interactions and the inconsistencies [are] key to understand… The ultimate output from a domestic standpoint is understanding how all of these disparate rules are attacking and addressing different types of risk, and whether they’re overshooting their policy goals to the detriment of ultimately the economy. I think when we look at the European Commission effort, the parameters they outlined are very similar to what we believe should be done, and now is a good time to do it given the rules have been in place for some time or at least some of them have,” replied Mr. Robert Toomey, Managing Director and Associate General Counsel at SIFMA.“Mr. Deas, the testimony that you submitted which focused on the impact of bank capital and liquidity rules on end users and corporate treasures, there was this argument: less liquidity can mean production comes to a halt. Less liquidity means often that the inventories run low, that the payroll isn’t made on time. All of which of course harms the people that rely on these businesses and harms the economy, and I would ask what could we do in Congress to address these concerns?” inquired Rep. Royce.“I would [advise] … for you to mandate that the banking regulators undertake an analysis of both the individual effects but, equally as important, the cumulative effects based on their interactions of these different rules as they affect Main Street companies. The banking regulators have taken steps [which] put that capital burden instead on the banks… without fully appreciating that in the end [the banks] are intermediaries, and we, the end users and the manufacturing companies in this country, bear those costs,” responded Mr. Thomas C. Deas, Jr., Chairman of the National Association of Corporate Treasurers. Watch Rep. Royce's questioning of the witnesses here or by clicking the image below. 1 2026-03-30T12:14:52Z 2026-03-30T12:14:52Z