Pat McHenry: “I appreciate your prompt action on cost-benefit analysis, and the draft guidance that you have put forward.”

Broad and material changes to the Basel III Endgame necessitate a full reproposal. Full stop.

I think all options should be on the table.

I thank the Chair, and I thank the panel for being with us today to continue our investigation of the poisonous culture at the FDIC.

This is a matter of real substance for the independence of the Fed and the rulemaking at the Federal Reserve.