Yellen hits back at critics over 'discriminatory' treatment of foreign banks


Janet Yellen has hit back against criticism that the Federal Reserve is treating foreign banks unfairly, telling a Senate panel yesterday that new regulatory standards are similar to rules "our own banks face" when doing business abroad.

The Fed chair defended a rule issued by the bank last week that forces systemically important foreign banks to set up ‘intermediate' holding companies, which will be subjected to the same regulatory requirements as US banks from July 2016.

The rule has been hars

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