Congress “concerned” over US Basel II proposals

Washington DC – US congressmen have expressed concern that the current American plan for the implementation of Basel II may be ineffectual in mitigating operational risk and will have dire consequences for existing banking processes in the US.

At a congressional hearing on the regulatory proposals for the Basel Accord held by the House Committee on Financial Services, representative Spencer Bachus voiced apprehension that: “The US interpretation if the Basel rule is less sensitive to risk than

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