A Republican senator has assailed the Federal Reserve’s implementation of the Basel III capital rules as “extremely dangerous” and an impediment to economic growth in the US.
“I believe we are chasing Basel III, and it’s extremely dangerous,” said David Perdue, the junior senator from Georgia. “The rest of the world is not doing that. What we are doing is hammering our own ability to fund growth.”
Perdue also claimed US president Donald Trump shared his concerns: “I believe this is a crisis t