Capital Briefs: U.S. Proposes Body to Aid Regulators Around World

Treasury Secretary Robert E. Rubin said Thursday that the international community should consider creating an independent body to oversee bank regulators.

Speaking at the International Monetary Fund, Mr. Rubin said the new group could be created by the IMF and World Bank and would help local bank regulators improve their practices.

"This in turn would help induce greater compliance with standards and reforms," Mr. Rubin said.

The Treasury Secretary also called for creation of international accords on accounting standards, loan classifications, credit risk management, and corporate governance.

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