WSJ: Bankers, Lawmakers Take Aim at Basel Rules
The Wall Street Journal reported that several banking and insurance executives took aim at the Basel III rules being developed by U.S. regulators, amid bipartisan criticism about how the proposed rules could impact banks and the economy.
The Journal notes that Daniel Poston, chief financial officer of Fifth Third, said the rules would generate too much complexity, even for mid-sized regional banks like his. Poston said his bank takes similar risks to a smaller institution. “We are not complex or interconnected, and we do not have large trading or capital markets businesses,” Poston is quoted by the Journal as saying.
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