Smaller banks in many other countries, we believe, would benefit  1  4  http://www.federalreserve.gov/boarddocs/speeches/2003/200306102/default.htm  BIS Review 28/2003  from adherence to Pillars 2 and 3, and we hope they adopt Basel II, but our banks already operate under regimes fairly close to what the simpler versions of Basel II would provide.
In light of their capital and supervision, we anticipate that U.S. banks with modest overseas activities operating under Basel I rules would be able to continue their overseas operations without having to adopt Basel II. Their subsidiaries, of course, would be subject to the rules and requirements of the host country. And, U.S. authorities will make available to host-country supervisors whatever information is required.