U.S. banks oppose Fed requirements for foreign banks

U.S. banks are supporting European financial institutions in their opposition to tougher capital requirements for foreign banks proposed by the Federal Reserve. "We believe that the proposed rule will exacerbate, not mitigate, financial-stability risks and harm the global economy by leading to a fragmented global financial system," said Simon Lewis, CEO of the Global Financial Markets Association. The Fed's move appears to go against efforts to harmonize and coordinate regulation.

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