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Friday, June 7, 2013

Fed’s Raskin Calls for Speed, Simplicity in Basel III Rulemaking

Rulemaking on the Basel III capital standards should be done in a timely and simple manner, Federal Reserve Governor Sarah Bloom Raskin told bankers gathered for Ohio Bankers Day in Columbus yesterday. She expressed concern that as Basel III rulemaking continues, “further delays could add to uncertainty and could detract from the maintenance of strong capital levels.”

“It seems obvious to me,” Raskin continued, “that uncertainty over that framework is weighing on the balance sheets of banks that will be affected by the rule.” Moreover, she added, completing their “post-crisis work” will allow bank regulators to look ahead at future challenges, such as cybersecurity, financial literacy and mobile banking.

New capital rules should also be “relatively simple and effective,” especially for community banks, Raskin said. “Otherwise, we risk drowning banks in a capital adequacy system that is so complex that it both misses the mark of addressing meaningful emerging risks and piles regulatory costs on banks with no public benefit.”

Read the speech.

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