The Federal Reserve and other U.S. agencies have, for many years, worked with international counterparts to limit the difficulty and burden that have arisen as foreign banks have entered U.S. markets and as U.S. banks have established operations in other jurisdictions.
The U.S. is working to complete its national standard setting process since we recognize that the lack of a final rule raises uncertainty for both banks and foreign supervisors about exactly what will be required. As you are aware, the Accord Implementation Group has been working for the past few years identifying issues arising from differences in national standards of the Basel II framework.