The Basel III proposal of banks' capital and liquidity rules was relaxed a bit, compared with a previous draft, but it was not changed as much as some observers suggested, said Comptroller of the Currency John Dugan. He said the definition of "quality capital" is tougher than one used to stress-test banks in the country. "I think it's been a little misreported how much they scaled things back," Mr. Dugan said.

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