Keating told Tracy Byrnes, the show’s host:
We’ve asked the regulators—the Federal Reserve Board in particular—not just to pause, but to stop, and back up and start anew.Keating called the Basel III proposals “confusing, frequently contradictory [and] certainly very, very difficult to fathom,” and he emphasized that it will be difficult, if not impossible, for community banks to comply with them.
There’s simply no reason for us to genuflect to whatever Europe wants. We ought to start it [over] and do it ourselves—for ourselves. We’re a very unique banking system.
There’s no reason for this kind of burden on community banks in America.Watch the interview.