Banking agencies announce support for reforms to Basel III agreement

This story appeared in Bank Digest.                                   

The Office of the Comptroller of the Currency, Federal Reserve Board, and Federal Deposit Insurance Corporation have announced their support for the conclusion of efforts to reform the international bank capital standards initiated in response to the global financial crisis. According to the agencies' joint release, the Governors and Heads of Supervision and the Basel Committee on Banking Supervision have announced the finalization of the reforms to the Basel III agreement on bank capital standards, and with this agreement the committee will conclude the international reforms.                                  

Treasury Secretary Steven Mnuchin issued a statement saying, "The reforms standardize the approach, improve the quality and consistency of bank capital requirements, and will help level the playing field for U.S. firms and businesses operating internationally."