US/UK Basel divide highlighted


In Europe – where Basel II implementation has already been made law in the form of the Capital Requirements Directive – there was surprise that US regulators should have to re-make arguments in favour of Basel II at this late stage. But this was what John Dugan, Comptroller of the Currency and Susan Bies, a governor at the Federal Reserve, did in their opening statements. In fact, a whole subsection of Dugan's remarks was titled The need for Basel II in the United States.

Dugan also emphasised

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