Frank Lucas actually said...

the proposal would have significant consequences for the health of the U.S. derivatives market.

the Basel Endgame proposal had not yet been proposed by the banking regulators.

Congress has a long history of broad bipartisan support for not disadvantaging end-users, including in Dodd-Frank.

Unfortunately, the Fed is proposing to undermine the work done by Congress and this Committee and to cause disruption in the U.S. derivative...