This event with its global participation is a true reflection of these values. [Introduction] On this occasion of hosting the ICBS Conference, let me emphasize that the Basel Committee’s role as an international standard setter has progressively solidified over the years, and its work has become equally important for both developed and emerging market economies.
A very good example to draw from is when President Obama signed the new Credit Card Bill of Rights into law, he challenged the industry to create a simple, easy to understand credit card agreement that you “don’t need a law degree or a magnifying glass to understand.” This means eliminating provisions and confusing terminology used by lawyers for reasons of tradition or habit, replaces the legalistic with plain-language, and introduces information design to enhance readability and comprehension.