Trump Administration Might Mean the End of U.S. Involvement in Basel III

According to a recent article in the American Banker, the election of Donald Trump might mean the final implementation of Basel III in the United States is less likely to occur. Negotiations of the final set of international banking standards had already been experiencing challenges due to resistance from German and EU officials. However, now that Trump will be occupying the White House come January 20th, Washington might be less willing to enact whatever agreement the Basel III Committee reaches.

Although Trump hasn’t personally expressed his thoughts on the Basel III agreement, members of his team have painted a largely negative overall view of the process. In a speech last month, David Malpass, a senior economic adviser to Trump, indicated concern for the harmful impacts he feels that Basel III will have on ordinary Americans. In his remarks, Malpass explained that “the U.S. is absorbing regulatory guidance…from the international community.” He then went on to suggest that as a result, “New York and Washington are benefiting from (the) international financial system” but “millions and millions” of Americans are being left out.

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