US banks, through SIFMA and other associations, 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," GFMA CEO Simon Lewis said. The Fed's move appears to go against efforts to harmonise and coordinate regulation.

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