US Federal Reserve Chairman Says Basel II 'Critical'

US Federal Reserve Chairman Ben Bernanke offered his support to the new Basel II accord Thursday, saying the system was "critical" to maintaining successful financial systems. Bernanke voiced his backing of Basel II while speaking to business students in Washington

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US Federal Reserve Chairman Ben Bernanke offered his support to the new Basel II accord Thursday, saying the system was “critical” to maintaining successful financial systems.

Bernanke voiced his backing of Basel II while speaking to business students in Washington and said both robust risk management and strong capital positions are vital to ensure that banking organizations operate a manner that enhances financial system and their stability.

But he said the US has some work to do before implementing the system.

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