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Tuesday, October 16, 2012

Senator Shelby Raises Concerns With Basel III Proposals

Senate Banking Committee Ranking Member Richard Shelby (R-AL) yesterday wrote to the federal banking regulators to raise “two major concerns” with their proposals to implement the Basel III capital accords.

First, the proposals “fail to explain” whether the Basel III standards “are appropriate for the U.S. banking system” and that the standards “will ensure that our banking system is sufficiently capitalized,” Sen. Shelby wrote. Second, the proposals “fail to explain with requisite specificity the rules’ impact on the U.S. banking system and the overall economy.”

Sen. Shelby asked the regulators to provide Congress with “the analysis underlying the Agencies’ determination” that the proposals would leave the banking system adequately capitalized; “a quantitative analysis of how these rules would affect the capitalization levels of U.S. banks by size and by asset class”; and a cost-benefit analysis of “the impact these rules would have on the operation of the U.S. banking system and the overall economy.”

Sen. Shelby is the latest among a growing group of Senators and House Members to weigh-in with the regulators on this important issue.

Read Shelby’s full letter.

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