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BOE's Haldane Says Brown-Vitter Proposals Have Attractions

Radical proposals to force big U.S. banks to raise their capital levels substantially have merit but may not be practical in the short term, a senior Bank of England official said.U.S. senators Sherrod Brown and David Vitter published a bill in April that would require lenders with more than $500 billion of assets to operate with 15% equity capital, far higher than the 3% leverage ratio recommended by international capital accords known as Basel III.Andrew Haldane, the BOE's executive director for financial stability, said in a paper published by the central bank Thursday that the Brown-Vitter proposal "has attractions" in terms of its simplicity and the robustness it would bring to the financial system.He added the proposals are so far north of existing capital standards, however, that "they are perhaps at best seen as a possibly distant long-term resting-place, not a practical near-term objective."Mr. Haldane delivered an outline of his paper in Atlanta, Georgia, April 9.The bulk of ...

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    Federal Reserve Bank of Dallas President Richard Fisher extended his long-running effort to break up the biggest banks Wednesday at a time when the idea is gaining c...

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  11. BP agrees to pay $4.5 billion in penalties for U.S. oil spill

    BP Plc will pay $4.5 billion in penalties and plead guilty to felony misconduct in the Deepwater Horizon disaster, which killed 11 workers and caused the worst U.S. ...

  12. Fed's Gibson: Banks Making 'progress' On Basel III

    Big U.S. banks are making "steady progress" towards meeting tough capital requirements set forth in a global agreement known as Basel III, a top Federal Reserve dire...

  1. Bipartisan Bill Eyes More Capital For Big Banks

    Two senators on Wednesday introduced a bill to limit too-big-to-fail banks, including a provision that would require large financial institutions with more than $500...

  2. Senators Detail Bill To Limit Big Banks

    Two senators on Tuesday provided details about a bill they plan to introduce shortly to limit too-big-to-fail banks, including a provision that would require large f...

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  4. A Request To Reign in Surging Ethanol Prices

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  7. Can Future Bank Bailouts Be Avoided?

    Sen . David Vitter , (R-La.), on what is needed to avoid bank bailouts.

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