The Accord will make the global financial system more stable and reduce the likelihood of future devastating financial crises by requiring internationally active banks to hold more and better quality capital and more robust liquidity buffers against the risks they run.
Bernanke discusses the benefits of the Basel 3 Accord for financial stability.
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If it doesn't achieve the objective of eliminating too-big-to-fail, I think we ought to come back and decide or ask Congress whether they might take additional steps.
We are working hard with our colleagues to put the Volcker rule into place, and that will restrict proprietary trading.
It is also important, of course, for community banks to be well-capitalized so that they can continue to lend during difficult periods.
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