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The regulators' plan envisages American-based multinationals switching to the standards voluntarily in 2010.
California regulators plan to rewrite the rule some time next year.
The report was timed to an upcoming meeting where regulators plan to unveil new limits on speculative commodities trading.
But the scope of the rule, which regulators plan to complete in the coming months, is unclear.
"This new structure has complete flexibility to be immediately responsive to the regulators' plan," Mr. Weill said.
When the next bank big enough to threaten the entire financial system fails, regulators plan to use "living wills" that explain how to unwind its holdings.
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It was not clear yesterday whether securities regulators planned to impose any new rules on the allocation of initial public offerings.
C1 Ford and Continental were said to be discussing with federal regulators plans to replace a Continental tire model that has had tread problems on Lincoln Navigators.
Ford opposes regulators' plans to rate vehicles' tendency to roll over, contending that the proposal does not measure this tendency accurately enough.
With federal drug regulators planning another meeting on Thursday to weigh the safety of widely used anemia drugs, Dr. Athanasius Anagnostou resists any urge to say "I told you so".
Reuters reported on May 31 that China's regulators planned to shift 2 trillion to 3 trillion renminbi of debt off of local governments to ease the default threat.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com