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UPDATE 2-Senators urge US agencies to finalize Basel II

Reuters

The top Democrat and Republican on the Senate Banking Committee urged federal banking regulators on Tuesday to finalize rules for U.S. bank capital adequacy levels under the international Basel II framework.

"We both believe strongly that the decisions you take in the next few days will have a significant impact on both the safety and soundness and the competitiveness of the U.S. financial system," Connecticut Democrat Christopher Dodd, the committee's chairman, said in a letter.

The letter was also signed by Sen. Richard Shelby of Alabama, the ranking Republican on the committee.

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