Top FDIC Official Wants US To Abandon Basel Banking Accord

Law360, New York (September 14, 2012, 3:25 PM EDT) -- One of the Federal Deposit Insurance Corp.'s new directors on Friday said that the United States should abandon the Basel III international banking accord, which were incorporated into the Dodd-Frank Act, and instead move to a simpler, more robust capital standard for banks of all sizes to follow.

Thomas Hoenig, who won Senate confirmation to his position on the FDIC's board in April, told the American Banker Regulatory Symposium that the increased capital standards called for by Basel III were too complicated to work, and instead...
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