Posted on 02/24/2015 9:18:50 AM PST by 9thLife
The questioner (Rep. Richard Shelby, R AL) just asked Mrs. Yellen if foreign banks operating in the US were held to the same capital standards as US banks. She responded [paraphrase] that "we have asked foreign banks to create holding companies in the US to contain their US operations"...
Meaning that, apparently, such banks are not held to the same capitalization standards (6 years into the Great Financial Crisis) and have therefore a competitive advantage.
Do they make “donations” to the Clinton Foundation?
The big banks backed Obama twice. Screw them. Of course, they screw us every day.
Why should a foreign entity operate on our soil under a separate set of rules that give it a competitive edge over our own?
Obama
I was a bank regulator in my previous life. I ALWAYS suspected that Basel accord capital standards would be enforced far more stringently on US banks than non-US banks, placing them at a severe competitive disadvantage. In my opinion, Basel is really only another form of one-world government driven imposition on US sovereignty . . . along with international accounting standards. They have been really busy behind the scenes undermining our Constitution for years. It is way past time to flush the lefties out of our government and bureaucracies and get ourselves out of the UN. I am not a fan of the Federal Reserve, either.
I don’t much like him, but bravo to my AL Senator Shelby on this.
Because they pay our politicians a lot of money
These two problems seem to be interconnected to some degree; I don't think we can get out of either without amending the Constitution; here's what I'd propose.
Except that you are describing issues that are domestic in nature (to the foreign business). Tariffs and subsidies are meant to address these.
A closer analogy would be if the Chinese firm were able to finance a storefront in the US at a lower interest rate than an American one.
Just to make things “fair” for everyone.
Foreign manufacturers and farmers can use lead in paint, DDT on agricultural products, Formaldehyde in drywall and more than likely they can figure out some other shortcuts in product manufacturing and farming. If foreign manufacturers and farmers can send us products without having to conform to US law then that gives foreign manufacturers and farmers terrific advantages.
what I had time to read was excellent. will revisit at home when I have time. thank you
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