Whipping boys: foreign banks in America. (Congress passes strict regulatory law for foreign banks)
Economist (US), The, May, 1992
The Foreign Bank Supervision Enhancement Act is being criticized as too strict , and some fear that it may discourage foreign banks from doing business in the US. The law places foreign banks under the authority of the Federal Reserve Board and the Office of the Comptroller of the Currency.
NOT all foreign bankers are crooks-but America's Congress wants to treat them as if they were, just in case. After the scandals over Bank of Credit and Commerce International (Bcci) and Banca Nazionale del Lavoro (BNL), a new law to toughen the oversight of foreign banks, and proposed new rules to implement that law, have alarmed foreign bankers. Efforts by Democrats to draw attention to the CIA'S shady dealings with foreign banks during the Reagan and Bush administrations may soon...
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