Bankers Warn Senate, House: Simplify U.S. Capital Regulations

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Bankers Warn Senate, House: Simplify U.S. Capital Regulations

September 28, 2006 1:38 AM
From BusinessFinanceLink, Issue #351

As U.S. regulators prepare to implement the Basel II Capital Accord, the financial services industry is becoming increasingly nervous that overly restrictive rules -- i.e., more rigid than those currently in effect in Europe and Asia -- will render U.S. banks uncompetitive and drive U.S. businesses to seek offshore loans. Jim Garnett, head of risk architecture for Citigroup, has testified before both legislative branches this month on behalf of the Financial Services Roundtable and the American Bankers Association. "In a modern financial system, capital rules must be tied to economic risks," he reasoned. "Inadequate regulatory capital requirements create safety and soundness concerns. On the other hand, excessive regulatory capital requirements constrain the lending and investment activities of the nation's banks and, thereby, reduce their ability to meet the credit needs of consumers and businesses." The entire transcript of Garnett's Sept. 14 testimony before the House is available here.