Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, commended Federal Banking regulators for adopting final rules implementing the Basel III International Regulatory Framework. The rule was unanimously accepted by the Board of Governors of the Federal Reserve and is expected to be adopted by other banking regulators in the coming weeks.
"I am very pleased with the efforts of the Board of Governors of the Federal Reserve who have addressed many of the concerns community bankers had expressed with regard to the implementation of the Basel III Capital Standards. Both community banks and their borrowers will benefit from cooperation between regulators and the banking industry to preserve capital standards for residential mortgages. I am also pleased that regulators looked to Congress's work in Dodd-Frank and preserved our intended treatment of Trust Preferred Securities, an important component of many community banks' capital structure. I will continue to work with regulators and my colleagues in Congress to promote a healthy and active community banking sector."