§5353 Fair Trade in Financial Services

Summary

The President or someone the President chooses must talk with governments of major financial centers when it helps. The talks should aim to make sure U.S. banks and securities firms can enter foreign markets and get fair treatment, reduce barriers and other trade problems, make the kinds of financial services allowed more comparable, and work toward common rules for supervising banks and securities firms, including similar capital rules. Before starting the talks, the President or his pick must consult the House and Senate committees that oversee these matters. After the talks and those consultations, the President must send any recommendations to Congress. If the recommendations ask for changes in U.S. law, they must explain what foreign-law changes would go with them and how the U.S. would benefit. Sending recommendations does not mean any new law is already approved.