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FDIC chief gives September deadline for US Basel rules

Sheila Bair, head of the Federal Deposit Insurance Corporation (FDIC), told a trade magazine she hopes the US will finalise its Basel II regulations by September.

The four regulators drafting the rules – the FDIC, the Federal Reserve, the Office of the Comptroller of the Currency and the Office of Thrift Supervision – have repeatedly failed to agree on how the US should implement Basel II.

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