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The Boston Globe


Fed proposing rules for foreign banks’ US units

WASHINGTON — The Federal Reserve is proposing that large foreign banks keep a bigger cushion against unexpected losses for their US affiliates.

Fed governors, including chairman Ben Bernanke, voted 7 to 0 Friday to propose the rules. They are designed to prevent another financial crisis. Rules were mandated by the 2010 financial overhaul and would apply to foreign banks with $50 billion in worldwide assets that operate in the United States.

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