Your leadership helped to prevent a large cut that was being proposed in the U.S. House of Representatives.
And that is something that we have had in the United States, but this is a new aspect for Basel III for the whole commun...
Indeed, but one of the problems which I think we mentioned with Basel II was that banks were--they were categorized, but...
We do not have any legal obligation. It is not a treaty.
One of the flaws with Basel II was that there was a great deal of reliance on internal risk models, that banks were esse...
Senator Shelby was just as astute when Basel II was before the Committee.
I think, again, just to say, this is an issue that will not go away.
Most of us consider American capital markets to be the best in the world.
Are our markets still fair? Is everyone playing by the same set of rules?
Try to prioritize changes that are the least disruptive and the most effective, and that is always good advice.
I would like to be able to, with the concurrence of my colleague, Senator Crapo, do additional hearings.