GAO supports Basel II; chides US regulators
WASHINGTON DC - A long-awaited report from the Government Accountability Office (GAO), on the effect of the Basel Accord on the US financial system, has delivered a surprisingly positive appraisal of the implementation process.
The report's conclusion that: "with safeguards, it is appropriate for US banking regulators to proceed with finalising Basel II and begin the transition period," surprised many, but the GAO did criticise the regulators' failure to reach a consensus regarding the final rules and the associated problems resulting from their inability to agree. And, as feared, the report may serve to hold up the implementation process further, with its suggestion to regulators that they consider issuing new
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