July 20, 2007
HP-498

Steel Statement on Basel II Resolution

Treasury Under Secretary for Domestic Finance Robert K. Steel released the following statement today regarding the Basel II Accord agreement among the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Office of Thrift Supervision:

"The federal financial regulators must be commended today for their work on Basel II. Resolution on this matter is an essential component of any effort to modernize our regulatory structure and to strengthen American capital markets' competitiveness.

"This is a challenging issue, requiring a complex balance of safety, soundness and global competitiveness concerns. The regulators demonstrated a willingness to work together with the best interests of the United States in mind and I look forward to seeing the results of their cooperation."