As you know, the Board has supported financial modernization for many years and hopes that the Congress will act to facilitate reforms that, by enhancing competition within the financial services industry, would benefit the consumers of financial products in the United States.
Since the Basel Committee published its proposals in a number of consultative documents, the Federal Reserve and the other U.S. federal banking agencies have been working together for a Basel III framework that produces a strong set of globally consistent capital  1  G20 (2010), “The G20 Toronto Summit Declaration,” Financial Sector Reform, item 18, G20 Toronto Summit held June 26–27 in Toronto, Canada.