US congress raises doubts over Basel II
The prospect that the US Congress would block ratification of the new accord seems to have increased following a letter from the house committee on financial services which has been scrutinising the accord.
The letter, sent on November 3 from committee chairman Michael Oxley and others to the four US regulators involved in the Basel negotiations, includes a list of complaints about the revised Basel II proposal. It also suggests that US regulators may be exceeding their powers in the
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