US GAO recommends implementing Basel II
The General Accountability Office (GAO), the investigative arm of US Congress, has published a report that urges US regulators to press ahead with implementation of the Basel II Accord.
The report recognises that banking regulators have differing regulatory perspectives and that it has been difficult to reach a consensus. However, the GAO said banks desperately need to know the final requirements so they can move forward with refining their risk management practices.
It recommends clarification
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