The chairman of the House Financial Services Committee is urging federal banking regulators to extend the comment deadline on Basel III capital reforms for another 90 days to give bankers more time to digest the rules and better assess their impact.

"As you know, this rule is extremely complex, so additional time for commenting is certainly justified," Rep. Spencer Bachus, an Alabama Republican, wrote in a letter Thursday to Federal Reserve Chairman Ben Bernanke. "Additionally, I feel the longer comment period will lead to more substantive comments, which in turn will be more useful to reviewers."

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