US regulators may change Basel II rules, says Ferguson

The Board of Governors of the Federal Reserve System still has options to change the Basel II rules to allow for national discretion, according to Federal Reserve Board vice-chairman Roger Ferguson. The bifurcated system of Basel II application in the US could also be changed.

Ferguson was speaking at a conference in Geneva, Switzerland on December 2. At the Conference, Concerns and Considerations for the Practical Implementation of the New Basel Accord, Ferguson outlined key supervisory concerns for implementing the Accord in the US.

He acknowledged that responses to the Advance Notice of Proposed Rulemaking (ANPR) had made it clear that there were unintended consequences and competitive distortions in the framework as proposed by the agencies.

“Having made our

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