The Board of Governors of the Federal Reserve System ("Board") appears ready to propose rules to implement enhanced prudential capital and other standards for foreign banking organizations with banking operations in the United States ("FBOs"). Board Governor Daniel K. Tarullo, in a recent speech given to the Yale School of Management Leaders Forum, presaged a proposal designed to achieve a rebalanced approach to FBO supervision. That is, one that would recognize both the benefits that FBOs bring to the US economy and the risks that their increased presence may pose to the financial stability of the United States.
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