Fed promises dramatically tougher rules for non-US banks

Foreign banks in US must set up holding companies with ring-fenced capital


The US Federal Reserve Board has outlined plans for tighter oversight of foreign banks operating in the US, in a move that observers say could bring significant additional costs for non-US companies.

In a consultation document released this week, the Fed said it would compel non-US banks with more than $10 billion of US assets to combine them all under a single holding company, which would have to meet US capital, leverage and risk management criteria.

The rules follow the outline laid out in

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