Barnier Says U.S. Risks Conflict on Derivative Rules
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Michel Barnier, the European Union’s financial services chief, pressed the U.S. to hew to international rules for bank stability and derivatives, warning “home-grown” regulations can lead to costs and conflicts.
The Federal Reserve proposed in December that foreign lenders organize their U.S. units as subsidiaries and hold capital independently from their parent firms to make it easier for U.S. regulators to seize local assets in a crisis.