We appreciate the steps the SEC has taken to extend the public comment period on the interim final rules and delay the effective date of the rules and the statute. However, the Board believes that significant substantive changes must be made to the interim final rules so that they reflect the words of the statute and the intention of the Congress.
But there is one thing we must ensure: namely, that we remain true to the original intention of the Basel Accords: to provide global rules for global credit institutions. For all the others, I would like to see appropriately gradated rules.