US Senators Brown and Vitter introduce bill to end US implementation of Basel III

A new bill has been introduced in the US Senate that would raise bank capital requirements to 10% with an additional surcharge of 5%. This would scrap Basel III and is the follow up from an October 2012 letter that two Senators sent to major regulators after draft Basel III rules (Notices of Proposed Rulemakings) were introduced last summer. Some interesting text in this bill, below.

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