Citigroup and JPMorgan are among a group of four major US banks that are understood to have protested to the White House about the implications of the Basel II capital adequacy accord, due to be implemented in 2008, according to a report in the Wall Street Journal.
The report says Citigroup, JPMorgan, Wachovia and Washington Mutual met White House officials to argue that the new standards will put US banks at a competitive disadvantage. A White House spokesman told the Wall Street Journal that the banks had met with staff from the National Economic Council but that the White House itself would not be directly involved.
The Basel II standards will only apply to only the largest US banks. Less than 20 of the biggest American banks expected to be affected by the rules.