Barbara A. Rehm, editor at large at American Banker, asks whether the U.S. needs both the Dodd-Frank Act and the Basel III rules on capital. She's not alone. "It's time to rethink whether this global process really is the right way to craft a sound regulatory regime for the United States," said Karen Shaw Petrou, managing partner of Federal Financial Analytics. If Basel III has "become a losing game -- and we think it has -- then the U.S. should cut its losses and bail on Basel and just write the rules that work for us."

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