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Washington
Inside Washington (08/11/2011)
* WASHINGTON (8/12/11)--Rules being drafted by U.S. regulators for the largest U.S. banks won’t be more restrictive than global capital standards agreed to in Basel, Switzerland, according to Federal Reserve Gov. Daniel Tarullo (Bloomberg Aug 11). In a June 3 speech, Tarullo said the board will seek congruence with the Basel standards while it rewrites banking regulations as mandated by the Dodd-Frank Act. The Basel Committee on Banking Supervision, which includes regulators from the U.S. and Europe, set a supplemental capital standard for the largest international banks. The buffer will range from 1 percentage point to 2.5 percentage points of risk-weighted assets--on top of a required 7% common equity for all banks … * WASHINGTON (8/12/11)--Three Federal Reserve regional bank presidents formally dissented from Fed Chairman Ben Bernanke’s decision to open the door to easier monetary policy Tuesday during the Federal Open Market Committee meeting The Wall Street Journal Aug. 11). It was first time in the chairman’s five-and-half-year tenure that so many colleagues had dissented from a formal Fed decision, a sign of opposition that contrasts with Bernanke’s desire for consensus, said the Journal. How the dissent shapes future Fed moves is a key question moving forward for Bernanke and the board. One of the dissenters, Dallas Fed President Richard Fisher, declined comment on Fed policymakers’ discussions Tuesday, but offered praise for Bernanke’s leadership. Another dissenter, Narayana Kocherlakota, president of the Minneapolis Fed, said Bernanke cultivates the expression of disparate views, which leads to better monetary policy …


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