International Competitiveness of U.S. Financial Institutions: Hearings Before the Subcommittee on Financial Institutions Supervision, Regulation and Insurance, Task Force on the International Competitiveness of U.S. Financial Institutions of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred First Congress, Second Session. March 21 and 22, 1990 |
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ability of U.S. ability to compete activities of U.S. affiliate allow banks Bank Holding Company Banking Committee banking power banks operating banks to compete BARNARD big banks capital markets Chairman LAFALCE CLARKE commercial and investment commercial banks community banks Comptroller cost of capital countries customers DAVID DREIER deposit insurance DREIER Eastern Bloc economic ESTEBAN EDWARD TORRES FDIC financial firms financial markets financial services financial services industry financial system FIRREA foreign banks Glass-Steagall Act global marketplace going international markets internationally investment banking issue Japan Japanese banks KENNEDY limits loans Mandate for Change March 21 national banks national treatment opportunities overseas PATTERSON permissible activities reform regulation and supervision regulatory restructuring risk safety and soundness Second Banking Directive securities activities SEIDMAN small banks subsidiaries supervisory talk task force Thank thrift tion U.S. banking system U.S. financial institutions U.S. firms underwriting United WILLIAM SEIDMAN
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Page 62 - It is a major responsibility that can best be met by establishing audit sites at the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.
Page 61 - Canada, France, Germany, Italy, Japan, Luxembourg, the Netherlands, Sweden, Switzerland, and the United Kingdom. ) The Basle capital agreement is perhaps the most notable international supervisory achievement to date. This agreement, entitled "International Convergence of Capital Measurement and Capital Standards...
Page 66 - GAO comments supplementing those in the report text appear at the end of this appendix. o Comptroller of the Currency Administrator of National Banks Washington, DC 20219 June 16, 1998 Mr.
Page 82 - ... such as futures or options. Japan opened its first financial futures market in October 1985, by listing government bond futures contracts on the Tokyo Stock Exchange. In September of 1988, Japan began to permit the trading of stock index futures on the Tokyo and Osaka Stock Exchanges. Summary- The...
Page 30 - For those of you who have prepared testimony, we will put the entire text of your testimony in the record...
Page 92 - At the same time, regulators seek to - 21 ensure safety and soundness without unnecessarily impeding the free flow of capital. Moreover, the development of truly international capital markets requires increasing coordination in supervisory oversight and in individual countries' regulatory practices. This process already has begun as evidenced by the recent international agreement on capital regulation, to which the United States is a participant. As noted earlier, the EC already has adopted this...
Page 93 - US banks' activities. The study stressed that if banking companies are to maintain the earnings potential fundamental to their continued viability, they must have the opportunity to offer the products and services necessary to compete on even terms with their international competitors.
Page 33 - SeIdman, in recent testimony, noted that "there is little evidence of any bank safetyand-soundness concerns, conflict-of-interest abuse or undue concentrations of resources from the interaction of banking and nonbankIng activities either here, or abroad where much greater Interaction has traditionally been permitted.* Moreover, current laws provide ample authority for the regulators -7to protect the safety and soundness of financial institutions.
Page 31 - Another benefit is that functional supervision eliminates the costly layers of regulation and supervision that exist when companies are subject to the jurisdiction of both the banking agencies and the appropriate functional regulators. No other country has such a costly regulatory system imposed on their banks.
Page 53 - FULL PARTICIPATION OF US BANKS IN GLOBAL MARKETS Integration of the European banking industry will expand the opportunities of US banks to compete in the European market for financial services, but the degree to which US banks can take advantage of those opportunities depends in part on steps taken to reform the structure and regulation of the US banking industry.