The US’s top banking regulators on Wednesday fired back at lawmakers who have criticized their plan to force lenders to set aside more capital.

Michael Barr, the Federal Reserve’s vice chair for supervision, and Martin Gruenberg, who leads the Federal Deposit Insurance Corp., told the House Financial Services Committee that regulators’ July proposal would be a net benefit for financial firms and consumers. The plan, which could require the biggest Wall Street banks to set aside about 19% more in capital, has drawn the ire of industry groups.