Prudential regulation of US banks looks set to converge to existing global standards following the unveiling of a 147-page review by US Treasury secretary Steven Mnuchin on Monday, which will largely end the country’s practice of gold-plating rules agreed at international level.
One big exception is the significant weakening of the leverage ratio beyond international standards, which could make it harder to achieve a long-awaited agreement on the final Basel III package being targeted at this
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