Jack Reed actually said...

"We do not have any legal obligation. It is not a treaty."

"And that is something that we have had in the United States, but this is a new aspect for Basel III for the whole community."

"One of the flaws with Basel II was that there was a great deal of reliance on internal risk models, that banks were essentially grading themselves on their capital."

"But our marketplace has been evolving very quickly and it is not clear that our rules have kept up."