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Thursday, November 6, 2014

FDIC’s Norton Challenges European Influence on Bank Regulation

FDIC Director Jeremiah Norton questioned the outsized influence of European policymakers on the Financial Stability Board, the Basel, Switzerland-based body that coordinates regulatory cooperation on issues related to financial stability — especially in light of the U.S. role in resolving problems.

Norton noted in comments at a panel discussion in Washington, D.C., that the FSB includes representatives from only three U.S. regulators — the Federal Reserve, Treasury Department and SEC — versus more than 20 from Europe. “It’s twenty to three. Who’s driving the policy decisions?” he asked. Norton added:

In these discussions, when there [are] 20 people from Europe and they have one financial system, and there’s three from the U.S. — and by the way, the three don’t always get along — you get a policy process that is convoluted.

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