WASHINGTON — The largest U.S. banks are quietly preparing to push back against proposed Basel III liquidity requirements that they argue could wreak havoc in the market by artificially deflating the value of certain assets.

Until now, most of the focus on the international accord has been on proposed capital standards, but JPMorgan Chase & Co. is spearheading an effort to help persuade regulators of the potential harm as a result of the so-called liquidity coverage ratio.

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