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Bernanke Says Proposed Foreign Bank Rules Would Reduce Risks

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Dec. 14 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said proposed regulations for foreign banks would reduce risks for the U.S. financial system.

“The proposed rulemaking we are considering today is another important step toward strengthening our regulatory framework to address the risks that large, interconnected financial institutions pose to U.S. financial stability,” Bernanke said, according to remarks prepared for delivery today at the Fed in Washington.

The proposal is consistent with “stricter standards” that the board has proposed for the biggest U.S. financial companies, Bernanke said. The plan reinforces the Fed’s “policy of national treatment and equality of competitive opportunity between the U.S. operations of foreign banking organizations and U.S. banking firms,” he said.

To contact the reporters on this story: Jeff Kearns in Washington at jkearns3@bloomberg.net; Joshua Zumbrun in Washington at jzumbrun@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net