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Thursday, August 2, 2012

Keating Op-Ed Challenges Basel III Proposed Rules

Proposed rules to implement the Basel III international capital accord would harm the U.S. housing market and drive investors away from banks, ABA President and CEO Frank Keating said in an Investor’s Business Daily op-ed piece on Wednesday.

Keating said the 700 pages of proposed rules are so complex that “we will never know whether foreign banks are complying with the rules, [which was] the whole purpose of this exercise to begin with.”

He also said that too much of the proposals would be one size fits all, with little room for adjustment.
Successful financial regulation should apply basic standards to all firms in a way that recognizes and accommodates the differences between small banks, large banks and many in between.
Keating appealed to American regulators to assess whether the Basel III proposed rules make things better or worse and then fix them where needed.

Read the op-ed.

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