The Fed is not the only obstacle to a sound, sustainable expansion. One constructive step the next President's new financial team should take is to have the U.S. abandon the so-called Basel Accord approach to international bank regulation. Begun in 1988 with Basel I and periodically revised since, the Basel international capital accords are an attempt to have uniform capital requirements for international banks. The process requires that banks hold certain amounts of capital against certain kinds of assets.
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