Transatlantic tension overshadows final push on new banking rules
London/Paris — When financial watchdogs gather in Chile next week to finalise global rules on bank capital, transatlantic tension will overshadow technical talks. Seven years after world leaders agreed in Pittsburgh to toughen and co-ordinate banking rule books, the global consensus is starting to fray while regulators try to put in place the last pieces of regulation aimed at averting a repeat of the 2007-08 financial crisis. European politicians, as well as banks, have been noisy in opposing the regulation under discussion — known in the industry as Basel IV — saying it would put their lenders at a disadvantage. US policymakers say Basel committee regulators who drew up the rules should stand firm. But such disagreements are now overshadowed by the apparent opposition of US president-elect Donald Trump to vast swathes of the post-crisis regulation. Trump has said he would revoke the Dodd Frank rules agreed by US legislators in 2010, whose 22,000 pages encompass significant parts o...
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