Fed welcomes SWF investment

Scott Alvarez, the general counsel of the Federal Reserve, has told the US Senate that the central bank welcomed investments by foreign sovereign wealth funds in American banks and financial institutions.

In testimony before the Senate Banking Committee on 24 April, Alvarez said the American banking system was being challenged by the conditions of stress in the markets. He said the ability to raise capital from both domestic and institutional investors would "buttress the financial strength o

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