§5353 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

When useful, the President or someone he names must talk with governments of major financial centers to do four things: (1) make sure U.S. banks and securities firms can enter foreign markets and get equal treatment; (2) cut barriers and distortions in international trade in financial services; (3) aim for similar rules about what services financial companies may offer; and (4) work toward common supervision rules, including capital standards. He must talk with the relevant House and Senate committees before the talks and again afterward, and then send Congress any recommendations. Any recommendation that would change U.S. laws must say what foreign changes would follow and explain the benefits to the United States. These actions do not count as prior approval of any law that might be needed.

Title 22, §5353

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)When advantageous the President or his designee shall conduct discussions with the governments of countries that are major financial centers, aimed at:

(1)ensuring that United States banking organizations and securities companies have access to foreign markets and receive national treatment in those markets;

(2)reducing or eliminating barriers to, and other distortions of, international trade in financial services;

(3)achieving reasonable comparability in the types of financial services permissible for financial service companies; and

(4)developing uniform supervisory standards for banking organizations and securities companies, including uniform capital standards.

(b)Before entering into those discussions, the President or his designee shall consult with the committees of jurisdiction in the Senate and the House of Representatives.

(c)After completing those discussions and after consultation with the committees of jurisdiction, the President shall transmit to the Congress any recommendations that have emerged from those discussions. Any recommendations for changes in United States financial laws or practices shall be accompanied by a description of the changes in foreign financial laws or practices that would accompany action by the Congress, and by an explanation of the benefits that would accrue to the United States from adoption of the recommendations.

(d)Nothing in this section may be construed as prior approval of any legislation which may be necessary to implement any recommendations resulting from discussions under this section.

Executive Documents

Delegation of Functions Functions of President under this section delegated to Secretary of the Treasury by section 1 of Ex. Ord. No. 12781, Nov. 20, 1991, 56 F.R. 59203, set out as a note under section 301 of Title 3, The President.

§5353 Fair trade in financial services

Summary

Title 22, §5353

Notes & Related Subsidiaries

Executive Documents

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