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Tuesday, July 16, 2013

Europe Threatens Reprisal on Fed Foreign Bank Rules

European Commissioner Michel Barnier said yesterday that the European Union may respond in kind to proposed Federal Reserve rules on the supervision of foreign banking organizations. Under the Dodd-Frank Act, the Fed has proposed to require foreign banks with significant U.S. operations to create intermediate holding companies for their U.S. subsidiaries, meet higher capital requirements and maintain stronger liquidity positions.

ABA has urged the Fed to reconsider, or at a minimum delay, the new rules, which it described as a “ring-fenced, balkanized approach [that] could both impair economic recovery and growth and increase, rather than decrease, systemic risk.”

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