Democrat win sparks hope over Basel II process
WASHINGTON, DC - The Democratic Party's victory in last month's mid-term elections has sparked speculation within the financial services industry as to the ramifications for Basel II implementation in the US following the shift in power on Capitol Hill.
The Democrats seized the House of Representatives and the Senate, giving them control of both houses of Congress. The new majority will hand the party control of important congressional committees, including the House Committee on Financial Services and the Senate Committee on Banking, Housing and Urban Affairs.
With senator Chris Dodd likely to assume chairmanship of the Senate Banking committee
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