US Congressman calls for op risk redraft
WASHINGTON, DC -- A Congressman and members of the banking industry lambasted the operational risk capital charge in Basel II at a fresh set of hearings, The New Basel Accord: Private Sector Perspective, held in the House of Representatives’ Financial Services Committee in late June.
“I do not feel that our Federal regulators have adequately addressed the concerns regarding Pillar I treatment of operational risk expressed in a November 3, 2003 letter” to the US supervisors, said Paul Gillmor, a Congressman from Ohio and member of the committee. Written as a comment letter for the US banking agencies’ advance notice of proposed rule-making, the document strongly criticised several aspects of both Basel II and the US’s proposed implementation efforts.
“In the US,”
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