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May 17, 2013

May 15,2013 – Senate Banking International Subcommittee hearing entitled "Improving Cross Border Resolutions to Better Protect Taxpayers and the Economy."

Chairman Warner was the lone Senator at the hearing to receive testimony from federal financial regulatory agencies about the status of plans to resolve a US financial firm with overseas operations that may require assistance and protections in place for U citizens doing business with foreign controlled financial institutions doing business in the United States.

The Chairman said 80% of all US foreign financial operations are based in London, thus any agreements with the UK will cover most international transactions. Still, the representatives from the FDIC, the FED and the International Banking section of the Dept. of Treasury all reported agreements in place with most of the G-20 nations. The Committee heard that the US standards for orderly liquidation are becoming the international standard as well.

Congressional Activities
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