FDIC’s McKernan wants single capital stack in Basel III endgame
Rebuffing Barr’s offer of a partial rollback, Republican director also targets op risk framework
In the scramble to approve the US version of the Basel III prudential standards for banks, Federal Deposit Insurance Corporation director Jon McKernan could turn out to be a swing vote. So it’s potentially bad news that his objection to the first draft of the so-called Basel III endgame, which was originally published in July 2023, was quite fundamental.
As a result, a diluted reproposal trailed by US Federal Reserve vice-chair for supervision Michael Barr in a speech last month doesn’t go far
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