Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., said capital requirements for the country's financial institutions need to be raised to improve their competitiveness with foreign firms. "With the Basel accord, we need to move forward expeditiously on raising capital levels," she said. Bair has been urging regulators to bolster capital standards for a long time and pushed to include tougher requirements in the Dodd-Frank Act.

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