I was a bank regulator in my previous life. I ALWAYS suspected that Basel accord capital standards would be enforced far more stringently on US banks than non-US banks, placing them at a severe competitive disadvantage. In my opinion, Basel is really only another form of one-world government driven imposition on US sovereignty . . . along with international accounting standards. They have been really busy behind the scenes undermining our Constitution for years. It is way past time to flush the lefties out of our government and bureaucracies and get ourselves out of the UN. I am not a fan of the Federal Reserve, either.
I don’t much like him, but bravo to my AL Senator Shelby on this.
These two problems seem to be interconnected to some degree; I don't think we can get out of either without amending the Constitution; here's what I'd propose.