The Basel III capital requirements must be applied consistently across borders. It'll do a lot more to deter reckless risk-taking than micromanaging banks through measures like the Volcker Rule.
Banks and governments have not been required to account for the way in which, when important firms fall deeper into distress, implicit and explicit taxpayer guarantees absorb much of the markdowns that would otherwise have to occur.
If one or more countries exit the euro, operations and technology departments of global investment managers will be faced with fundamental changes to core processing systems.
If ratified by the Fed, the new liquidity ratios could constrain lending, at the worst possible time. A proposed capital buffer is theoretically countercyclical, but needs more work.
The federal appraisal guidelines do not require that an evaluation be prepared by a licensed or certified appraiser. But the appraisal acts in many states do.
