On October 15, the Systemic Risk Council wrote to the Basel Committee on Banking Supervision to strongly support the Committee’s efforts to simplify the Basel capital standards. You can read the full letter below: Final SRC Basel Simplification Letter 10-15-13
Systemic Risk Council June 7, 2013 Dear Chairman Bernanke: The Systemic Risk Council has consistently supported stronger and higher quality capital requirements for our largest banking organizations. We also support the implementation of Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that gives the Federal Deposit Insurance Corporation (FDIC) […]
Publication: Reuters Author: Emily Stephenson 4/09/2013 —A bipartisan group of senators on Tuesday urged bank regulators to finish new capital rules, forcing banks to meet higher capital ratios and rely less on complicated calculations of the riskiness of their assets. Debate in Washington has heated up over whether the 2010 Dodd-Frank law and other measures did enough […]
Systemic Risk Council April 5, 2013 Dear Chairman Bernanke: The Systemic Risk Council is writing in support of the Federal Reserve’s proposed rule regarding the supervision of foreign banking and nonbank financial operations (FBOs) in the United States. This proposed rule would implement the enhanced prudential standards and early remediation requirements of the Dodd-Frank Wall […]
Publication: Wall Street Journal Author: Sheila Bair 4/01/2013 —The recent Senate report on the J.P. Morgan Chase “London Whale” trading debacle revealed emails, telephone conversations and other evidence of how Chase managers manipulated their internal risk models to boost the bank’s regulatory capital ratios. Risk models are common and certainly not illegal. Nevertheless, their use in bolstering […]
Dear Commission: While we commend the Securities and Exchange Commission for raising the minimum capital required for the very largest broker-dealers that use the alternative net capital requirements, we remain concerned that the Commission (and other federal financial regulators) continues to allow large, complex financial institutions to use their own internal risk models to set […]
Systemic Risk Council January 23, 2013 Dear Chairman Bernanke, Chairman Gruenberg and Comptroller Curry: The Systemic Risk Council (SRC) is concerned by the recent decisions to weaken and delay global capital and liquidity standards under the Basel III accords. As you know, risk-absorbing capital, particularly when combined with stable liquidity, plays an essential role in […]
Contact: Jeremy Ratner, jratner@pewtrusts.org, (202)540-6507 Washington , D.C. – 12/07/2012 – Sheila Bair, former chair of the FDIC and current chair of the Systemic Risk Council (SRC) issued the following statement on the Council’s behalf in advance of today’s Senate Banking Committee Hearing “Oversight of Basel III”: “While we commend the financial agencies for seeking public comment […]
Publication: Financial Times Author: Shahien Nasiripour and Tom Braithwaite 11/13/2012– A group of former senior US financial regulators has urged authorities to drastically cap big banks’ borrowings, adding to a growing chorus of sceptics who are challenging the international response to the financial crisis. In a letter on Thursday, the Systemic Risk Council recommended to US bank regulators that […]
Systemic Risk Council October 4, 2012 Dear Chairman Bernanke, Comptroller Curry, and Acting Chairman Gruenberg: The Systemic Risk Council, an independent and non-partisan council formed by the CFA Institute and The Pew Charitable Trusts, appreciates the opportunity to comment on the three notices of proposed rulemaking cited above. We have been concerned about the slow […]