Mexico joined Wall Street firms in criticizing a Federal Reserve proposal to limit the exposure of banks to individual companies, governments and other banks.
Bank of Mexico governor Agustín Carstens knocked the Fed's decision to exempt Treasurys but not the debt of other governments from financial-firm exposure limits, and he urged the U.S. central bank to revisit its decision in a letter dated April 26 that the Fed posted on its website Tuesday.
The Fed's proposal, part of a package of regulations for the nation's largest banks, would limit net credit exposures between any two of the nation's six largest financial firms to 10% of a company's capital. Most other firms covered by the rule would be subject to a 25% limit.
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