Foreign Firms Can't Bypass International Standards Under House Bill

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mardi 09 fév 2010 | 17:23:44

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Foreign Firms Can't Bypass International Standards Under House Bill

By Fawn Johnson Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The U.S. House Financial Services Committee on Thursday approved an amendment that would give the Securities and Exchange Commission and the Federal Reserve authority to stop foreign financial entities doing business in the U.S. from circumventing international regulatory standards.
The amendment, introduced by Rep. Gregory Meeks (D, NY), gives the Fed and the SEC the power to require foreign firms that aren't abiding by general financial international standards to relocate their jurisdictions to countries that meet those standards.
"We must give our regulators the right to deny access to the American market," Meeks said.
Committee Chairman Barney Frank (D, Mass.) said the amendment has the support of major global economic powers. "There is the danger that some smaller economic entity will see a target of opportunity here," he said, noting that countries now operating as "tax havens" could also attempt to become "regulatory havens."
"I believe there will be a heightened level of regulation for the major economic powers," meaning that they wouldn't be affected by the provision, Frank said.
The amendment is part of a broader bill that would give the government the power to wind down large institutions that pose a financial risk to the economy. The committee is expected to complete work on the bill by the end of the week.
-By Fawn Johnson, Dow Jones Newswires; 202-862-9263; fawn.johnson@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=%2BYKCusNaaL4AsCBmdDKIQA%3D%3D. You can use this link on the day this article is published and the following day.

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