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Dodd-Frank regs have caused 'numerous harms,' says J. Christopher Giancarlo.
Basel Committee members struggle to bridge divides between the U.S., Europe and other nations on a final package of rules.
Basel Committee is racing to complete post-crisis framework.
European Commission looks at revising requirements to spare weak banks.
EU banks closer to $5 billion respite, as discussions on rules equivalency is the next step.