A Notable Omission in Basel Plan Draws Scrutiny from Critics

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The banking agencies’ revised Basel plan clocks in at some 1,800 pages, but as lawyers pore over the details, some have been struck by what has been left out. Nowhere does the proposal explain how the Fed, FDIC and OCC are complying with a congressional directive that sets a minimum mandatory capital level for U.S. banks.

The omission is notable because …