Central Banking

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 negotia