US banks take their grievances to the White House
Citigroup, JP Morgan, Washington Mutual and Wachovia took their grievances regarding Basel II to the White House’s National Economic Council on January 4. The banks maintain that the US proposed version of Basel II is inconsistent with the international approach and could put US banks at a competitive disadvantage if foreign banks are allowed to hold less capital.
Susan Schmidt Bies, governor of the Federal Reserve Board, has reiterated her belief that large US banks should have to use the most
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