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President wants everyone but himself to pay more
Topic - Stephen Cecchetti
Global policymakers insist that the Federal Reserve's failure to implement new banking rules on time is nothing to worry about, but critics of the international plan to strengthen the financial system say this is evidence it's falling apart.
In fact, most banks are in "good shape" and are already prepared for Basel III, he added.
"In the case of many banks, they already meet the 2019 standards, so they don't have to do anything," he explained. "This is not an issue."