Source: Fed aims to harmonize Dodd-Frank rules with Basel standards

08/11/2011 | Bloomberg

Daniel Tarullo, governor of the Federal Reserve, said the central bank has a "goal of congruence" between its work as mandated by the Dodd-Frank Act and the international Basel standards. Officials at the Fed are drafting rules for major banks that will be aligned with the Basel rules, a source said. "I have always thought it was very important to try to preserve the level playing field for internationally active banks, and those are the key terms in Basel," said Ernest Patrikis, a former general counsel at the New York Fed. "There will be a sigh of relief" among bankers that the Fed is adhering to the Basel framework, he added.

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