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Friday, October 12, 2012

Keating: ‘Start Anew’ on Basel III Proposals

ABA President and CEO Frank Keating said during an interview yesterday on Fox Business Network’s “Markets Now” television show that the proposed Basel III capital rules are “a construct from Europe” that shouldn’t be advanced and should be totally reconsidered.

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.

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.
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 no reason for this kind of burden on community banks in America.
Watch the interview.

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