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

08/11/2011 | Bloomberg

Daniel Tarullo, a Federal Reserve governor, has said the central bank has a "goal of congruence" between its work as mandated by the Dodd-Frank Act and the international Basel standards, and a source says officials at the Fed are drafting rules for major banks that will be aligned with the Basel rules. Ernest Patrikis, a former general counsel at the New York Fed, said that "there will be a sigh of relief" among bankers that the Fed is adhering to the Basel framework.

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