1226. The continued discussion among the Congress and the regulators - and, of course, the banking industry and other members of the public - is critical to the final implementation of the new capital accord. The focus of recent attention has been the agencies' announcement that they will delay the notice of proposed rulemaking (NPR) for Basel II, originally scheduled for midyear 2005.
In my remarks today, I will discuss the reasons for the delay and the Board's views regarding the timetable for implementation of Basel II in this country.