Domestically, we have completed many important measures. We approved final rules implementing the Basel III capital framework, which help ensure that U.S. banking organizations maintain strong capital positions and are able to continue lending to creditworthy households and businesses even during economic downturns. We implemented the Dodd-Frank Act’s stress testing requirements, which are complemented by the Federal Reserve’s annual Comprehensive Capital Analysis and Review.
Two conflicting approaches - the high ambitions of some developed countries and the nervous caution of developing countries - are reflected in the long history of the negotiations and in the GATS itself.