U.S. Fed plans to boost oversight of foreign banks
WASHINGTON Dec 14 (Reuters) - The Federal Reserve will vote on Friday on whether to propose rules that would subject foreign banks to tighter capital and liquidity requirements, to protect U.S. taxpayers from having to bail them out.
Under the proposal, foreign banks would need to subsume all their subsidiaries under one U.S. holding company, subject to the same capital standards as U.S. holding companies, and would need to hold liquidity buffers.
If the U.S. central bank's Board of Governors voted to release the rules, industry groups would have until the end of March to submit comments.
Regulators would begin enforcing the proposed rules - which would be for foreign banks with total global assets of $50 billion or more - in July 2015.
- Malaysian plane presumed crashed; questions over false IDs |
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Warning shots fired to turn monitors back from Crimea |
- Libya threatens to bomb North Korean tanker if it ships oil from rebel port