The industry needs to take the current proposal seriously and to comment on it in substantive and helpful ways. Tell us what you like and dislike, but be constructive, offering alternative solutions when you can.
Your constructive proposals that pay due regard of the objective of the reform will, I assure you, play a significant role in shaping the final proposals of the Basel Committee. Once adopted by the Basel Committee, the proposal will be submitted to the G-10 central banks for their endorsement and then to national jurisdictions for necessary domestic rulemaking.