Greenspan says Basel II would strengthen US banks

Federal Reserve Chairman Alan Greenspan said that implementing the new Basel II global banking rules would make U.S. banks stronger and safer, and were unlikely to harm their competitiveness.

"U.S. banks would be stronger, safer, and less vulnerable to shock -- and thus the preferred entities for global counterparties -- because of having the strong risk measurement and management systems that Basel II requires," Greenspan said in a written response to a question from Republican Sen. Rick Sant

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