Today I plan to provide an overview of developments in the United States relating to Basel II and the Market Risk Amendment, as well as offer some thoughts about crossborder implementation of the New Accord. The role of regulatory capital Banking is, and should be, a business in which banks take and manage risks.
At our recent September meeting, the FOMC announced that we intend to extend the average maturity of our securities holdings over coming months by selling $ billion of short-term Treasury securities and purchasing an equivalent amount of long-term Treasury securities.