Fed’s Tarullo outlines update to regulation of foreign banks
Daniel Tarullo, a member of the Board of Governors of the Federal Reserve, said progress needed to be made in updating regulations for foreign banks, but the US should not "revoke its welcome" to foreigners by making rules tougher than those for domestic banks.
The activities of foreign banks had changed in recent years, Tarullo said, noting in particular a greater reliance on short-term funding, the dangers of which came to light during the financial crisis. The "international character" of
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