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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Joint Press Release

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision
For immediate release
July 20, 2007

Banking Agencies Reach Agreement on Basel II Implementation

Statement from Federal Reserve Board Chairman Ben S. Bernanke:

Iím pleased that Governor Kroszner and the policymakers representing the other banking agencies have reached a consensus, one that will pave the way for implementation of a modern, risk-sensitive capital standard to protect the safety and soundness of our large, complex, internationally active banks.  I look forward to continued close cooperation as the agencies expeditiously work out the remaining details necessary to implement the Basel II Accord.

Last update: July 20, 2007