US Treasury backs timely implementation of Basel II
Speaking to the Institute of International Bankers (IIB), the under secretary of the US treasury for domestic finance Randal Quarles addressed some of the issues impeding the implementation of Basel II in US financial institutions.
Quarles appealed for calm, pointing out the number of efforts currently underway in Congress to address unnecessary regulatory burdens imposed on financial institutions: “To promote the efficient operations of our nation's financial institutions, it is important that we continue to evaluate the structure of our regulatory oversight system with an eye toward eliminating outdated regulations and unnecessary requirements.“
Quarles also referred to Federal Reserve chairman Bernanke's recent
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