U.S. Treasury Department officials stated on Saturday that the United States is committed to implementing Basel II capital rules for banks in order to ensure the financial stability of U.S. banks.
Some differences have emerged in London over U.S. Treasury Secretary Timothy Geithner’s proposals for reform of capital set-aside requirements rule for banks, with some European officials saying existing modifications made to Basel II have done enough.
“We are committed to moving forward to implement Basel II on the current timetable,” a U.S. Treasury official stated during the G20 meeting of central bankers and finance ministers.
