Daniel Tarullo, a member of the board of governors at the Federal Reserve, on Friday defended the United States' record on the implementation of minimum capital requirements amid complaints from countries that the country had failed to apply Basel II.

Speaking at an event in Washington DC, Tarullo said claims that US banks sought to gain a competitive advantage by not having Basel II in operation within the banking sector at large were "misplaced". He also hit out at critics by noting that the