BARCELONA, Spain – May 16 (Global Risk Regulator) – Draft US proposals for implementing the Basel II bank safety rules, as issued by the Federal Reserve Board in March, are unlikely to be substantially changed by the approval processes now underway at the other federal banking supervisory agencies, a top US regulator said today.
A couple of phrases in the so-called notice of proposed rulemaking, or NPR, are thought likely to be changed, but that’s about all, US Federal Reserve Board member Susan Schmidt Bies told Global Risk Regulator. “It’s mostly a matter of wording,” she said
The approval process should be complete by the end of June, which will signal the start of an extended 120-day period, in contrast to the more usual 90-day interval, for review and comment by the banking industry, lawmakers and other interested parties.
Governor Bies, who oversees the Fed’s input into US Basel II policy, was amplifying to GRR remarks she made earlier today at a Basel II conference in Barcelona, organised by GARP, the Global Association of Risk Professionals.