Fed official defends Basel III capital rules for banks

09/23/2011 | MarketWatch · Reuters

Mark Van Der Weide, a Federal Reserve official, said Basel III capital rules will not put U.S. banks at a disadvantage to their foreign peers. However, major U.S. banks continue to question the rules. "Our concern about U.S. banks suffering disadvantages is a broad one," said Greg Baer, managing director and general counsel for corporate law and global regulatory affairs at JPMorgan Chase. "There are costs of having banks have too much capital, and that's because banks have to earn return on equity and that means higher costs."

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