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

Summary

When it will help, the President or someone he appoints must hold talks with governments in major financial centers to make sure U.S. banks and securities firms can enter foreign markets and get fair treatment, to cut barriers and distortions to trade in financial services, to promote similar kinds of services across countries, and to work toward common supervision rules for banks and securities firms, including capital rules. Before those talks, the President must consult the House and Senate committees that oversee these issues. After the talks he must send Congress any recommendations. If he recommends changing U.S. laws or practices, he must say what foreign law changes would accompany that and explain the benefits to the United States. Sending recommendations is not itself approval of any new law.

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

Citations & Metadata