In recent comments to the Financial Times, Michael Hsu, US Acting Comptroller of the Currency, warned that a failure to implement Basel III capital requirements could lead to another financial crisis.
Such a failure would risk an international "unraveling" of financial stability regulations put in place after the Global Financial Crisis, Hsu said. This would create "unhelpful uncertainty for US banks, [that] could lead to a race to the bottom, which would sow the seeds for a future financial crisis and it would hurt US credibility and leadership on these issues," he argued.
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