Fed officials also heard from lawmakers on both sides of Capitol Hill about the capital surcharge requirement faced by the nation's largest banks. In a July 30 letter to Quarles, 29 House Republicans, − almost the entire GOP contingent on the Financial Services Committee − expressed concern that "the surcharge has become duplicative of other post-crisis reforms, including, for example, requirements for liquidity, derivatives and other capital requirements." Three days later, on August 2, five Republican members of the Senate Banking Committee weighed in with Fed Chairman Jerome Powell on the same issue, arguing that the Fed should consider revising the capital surcharge for G-SIBs to "eliminate excessive capital requirements in the U.S. given the successful implementation of post-crisis reforms ... that clearly reduce systemic risk." The surcharge requires the eight US G-SIBs to apply an additional 1 percent to 4.5 percent to their minimum capital requirements, based on such factors as size, risk, complexity and reliance on short-term wholesale funding. Both letters echo arguments previously made by the banking industry, including that the surcharge is hurting the international competitiveness of US banks.