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

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