US Fed chief stresses need for speed on Basel II

Speaking at the New York Bankers Association’s Annual Washington visit today, Kroszner said: “A key theme voiced by the industry and many others is the need to have the Basel II process move forward expeditiously, and I heartily agree.”

Kroszner said Basel I was an inadequate regulatory system for the modern banking industry because its “risk-bucketing approach creates perverse incentives for risk taking” and because it is “inadequate for dealing with capital markets transactions”.

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