Fed Extends Comment Period on Rules for Foreign Banks in U.S.
The Federal Reserve Board extended the comment period on a proposed rule that will shape capital, leverage, liquidity and risk-management standards for the largest foreign banks and financial institutions that fall under its supervision.
The Fed Board’s extension, to April 30 from a previous March 31 deadline, focuses on sections 165 and 166 of the Dodd- Frank Act.
“The Board has received a request from the public for an extension of the comment period,” the Fed said in a press release today. “The Board believes that the additional period for comment will facilitate public comment on the provisions.”
Fed officials are putting in place a new rule that will require foreign banking organizations with significant operations in the U.S. to set up holding companies that will be supervised by the U.S. central bank.
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