The latest version of the proposal (Basel II) will be published by the Basel supervisors committee in a few weeks and an advance notice of proposed rulemaking by the U.S. supervisors is due by midsummer at the latest. An effective date of 2007 is now contemplated.
The details of Basel II were described by my colleague, Roger Ferguson, Vice Chairman of the Federal Reserve Board, in a presentation to a congressional committee in February. I have some copies with me today and can make others available.