The Federal Reserve on Friday, December 14, issued the detailed proposal to impose tightened regulations on the US operations of foreign banks that was foreshadowed two weeks ago. The proposal would impose significant new constraints on foreign banks’ US operations. The extent to which these constraints, if adopted as proposed, would impose such a burden on foreign banks as to affect the competitiveness of the US financial market, the openness of the United States to foreign firms and the continued supremacy of the US dollar as the world’s reserve currency is very unclear.View full memo, "Dodd-Frank: The Fed’s Proposal for Enhanced Supervision of Foreign Banks"
