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US Fed's Barr warns US failure to meet Basel III makes American banks less competitive

( February 20, 2025, 21:07 GMT | Official Statement) -- MLex Summary: Michael Barr, who steps down as the US Federal Reserve's top regulator at the end of the month, said the United States is the only major jurisdiction not to implement the final plank of the Basel III capital requirements. "Concerns about a level playing field rise in other jurisdictions, in an international 'race to the bottom' on standards," he said. "This harms us all and makes U.S. banks less competitive. And unless the U.S. implements these standards, other jurisdictions will force U.S. banks operating abroad to meet their standards instead." This was among seven risks he discussed, including the credibility of bank stress tests, nonbank risks, and climate risk.Statement follows below:...

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