November 1, 2007
HP-662

Steel Statement on Basel II Final Rule

Washington- Treasury Under Secretary for Domestic Finance Robert K. Steel issued the following statement today regarding U.S. regulators' release of the final Basel II rule:

"Treasury applauds the U.S. financial regulators for their cooperation in writing a final Basel II rule.  This achievement will modernize our bank capital regime to uphold the competitiveness of American capital markets while maintaining and enhancing safeguards for our institutions and the broader financial system. Secretary Paulson has long said that certainty on Basel II was a necessary component of any plan to strengthen the competitiveness of U.S. capital markets, and we are pleased that the regulators worked tirelessly to complete this complex task."