Further delays hit US Basel II implementation
WASHINGTON, D.C. – The US process for Basel II was thrown into chaos yet again by the passage of a new law on the Federal Deposit Insurance Corporation that includes provision for a one-year study. The net effect of the legislation is said to be the delay of the publication of the notice of proposed rulemaking for Basel II until late 2006.
The new law requires the Comptroller General to report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives "on the potential impact on the financial system of the United States of the implementation of the new Basel Capital Accord (Basel II) and the proposed revisions to current reserve requirement regulations for non-Basel II banks".
The report will focus on whether there would be a reduction in capital
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