Fed eases rules on foreign banks, US branches

US - Almost four years after it was first proposed, the Federal Reserve on Wednesday approved easing rules on activities of branches of U.S. banks abroad and for U.S.-based branches of foreign financial institutions.

The new rules, expected to take effect on or about 20 Nov, expands the types of activities permitted for U.S. bank branches overseas, including allowing the branches to underwrite and deal in investment-grade debt of all political subdivisions of foreign governments.

For foreign ba