US Treasury announces it is now Basel III compliant
Dec 08, 2017
At last! We are just about the last country to comply with the new banking rules concerning how much cash reserves that banks must retain in case of bank runs and financial problems. Some of you may know the implications of this.
Washington – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the completion of Basel III Capital Standards:
"The consensus agreed to by the Group of Governors and Heads of Supervision (GHOS) completes nearly seven years of work on the Basel III bank capital standards. 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."