*  *  *  I am pleased to be here today to speak with you about the proposed new Basel Capital Accord, which was issued for public comment on January 16th. Developing and implementing a revised capital accord – and the associated other changes in supervisory practices – is a watershed in banking supervision.
It will clearly affect banks' plans and practices in the years ahead – particularly the large, internationally active banks represented here. Thus, it is important to both the bankers and the regulators that you carefully review and comment on this proposal. In my remarks today, I will raise some issues that I believe should particularly be called to your attention.