FOR IMMEDIATE RELEASE
ICBA Applauds Basel II Statement of Senators Dodd and Shelby
Safety and Soundness Take Precedence
Washington, D.C. (July 18, 2007)—The Independent Community Bankers of America (ICBA) commended Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and Ranking Minority Member Richard Shelby (R-Ala.) for their letter to bank regulators urging the agencies to reach a consensus on Basel II as soon as practicable and to adopt rules that will ensure the safety and soundness of the nation's banking system.
"ICBA agrees with Senators Dodd and Shelby that the Basel II rules must ensure that all of our banks are adequately capitalized and can weather unexpected economic shocks to foster financial and economic stability," said Camden Fine, ICBA president and CEO. "It is a competitive strength, not a weakness, to have strong capital standards and, therefore, strong, well-capitalized banking institutions."
"ICBA looks forward to the federal banking agencies reaching consensus on Basel II and adopting rules that include safeguards such as the transitional capital floors, the 10 percent tripwire and the leverage capital ratio to ensure the safety and soundness of our banking system," said Fine.