Basel III blues: US politicians push for new QIS
Basel III is losing traction. Already hit by implementation delays and a loss of support from senior policy-makers, some US politicians are now calling for a national impact study – mirroring developments that saw Basel II grind to a halt. Michael Watt reports
"Do we want the rules in place quickly, or do we want the rules to work?” – it seems a simple, sensible question. But when the rules being referred to are Basel III, and the person asking the question is a staffer for a member of the Senate Committee on Banking, Housing and Urban Affairs, it’s impossible not to hear the creak of a giant can of worms being opened.
The staffer’s question is supposed to be rhetorical. The rules need to work and, as they stand, that may not be the case, he argues –
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