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Fed's Bies on U.S. - EU regulatory dialogue

In a speech on 'U.S. - EU regulatory dialogue' given on 13 May, Susan Schmidt Bies of the Federal Reserve said major US banks have more work ahead to get their internal risk management models up to standard for judging capital adequacy.

Bies said the Fed's studies of the use of internal models for determining capital needs, as required by the upcoming and updated Basel II banking accord, suggested more was needed despite major strides made in calculating and managing risks.

"As far as we all

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