Citi Chair Says Basel Unlikely to Be Finalized Before New President

Citigroup Inc. Chair John Dugan said he doesn’t expect the revamped bank-capital rules to be finalized until after the inauguration of the next president.

The executive pointed to what he said seemed to be a “fundamental stalemate” at the Federal Deposit Insurance Corp. over the latest version of the rules. US regulators are making extensive changes to their proposals known as Basel III and Federal Reserve Vice Chair for Supervision Michael Barr previewed some of the revisions in a speech last month, with a final proposal yet to be released.