The Financial Stability Forum, made up of bank regulators worldwide, agreed to work toward establishing tougher capital requirements for financial institutions, a reversal of its previous stance. "There was a consensus that there was not enough capital in the banking system coming into this," U.S. Comptroller of the Currency John Dugan said. The forum also said bankers' bonuses need oversight to discourage extraordinary risk-taking. "Compensation practices at large financial institutions are one factor among many that contributed to the financial crisis that began in 2007," the forum said.
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