Basel III blues: US politicians push for new QIS

Sheila Bair

"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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