LOCKED Part II: The End of the Basle 3 “Endgame”

Summary In our previous note, “The End of Basel III Endgame” (Dec 16th, 2025), we argued that under the guise of curtailing the discretionary use of the Fed’s balance sheet, the White House had initiated a fundamental shift in bank supervision policy. The shift in prudential supervision amounts to a repudiation of the post-GFC order, […]