Title 22 — Foreign Relations and Intercourse
Chapter 62 — International Financial Policy
§ 5353. Fair trade in financial services
Statutory text
Discussions
When advantageous the President or his designee shall conduct discussions with the governments of countries that are major financial centers, aimed at:
ensuring that United States banking organizations and securities companies have access to foreign markets and receive national treatment in those markets;
reducing or eliminating barriers to, and other distortions of, international trade in financial services;
achieving reasonable comparability in the types of financial services permissible for financial service companies; and
developing uniform supervisory standards for banking organizations and securities companies, including uniform capital standards.
Consultation before discussions
Before entering into those discussions, the President or his designee shall consult with the committees of jurisdiction in the Senate and the House of Representatives.
Recommendations
After completing those discussions and after consultation with the committees of jurisdiction, the President shall transmit to the Congress any recommendations that have emerged from those discussions. Any recommendations for changes in United States financial laws or practices shall be accompanied by a description of the changes in foreign financial laws or practices that would accompany action by the Congress, and by an explanation of the benefits that would accrue to the United States from adoption of the recommendations.
Construction of section
Nothing in this section may be construed as prior approval of any legislation which may be necessary to implement any recommendations resulting from discussions under this section.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Financial Reports Act of 1988
Pub. L. 100–418 title III § 3603 · 102 Stat. 1107
Enacted · 22 U.S.C. § 5353
(Pub. L. 100–418, title III, § 3603, Aug. 23, 1988, 102 Stat. 1387.)
Source evidence
Code source credit
(Pub. L. 100–418, title III, § 3603, Aug. 23, 1988, 102 Stat. 1387.)Enacted provision · exact public law section
SEC. 3603. FAIR TRADE IN FINANCIAL SERVICES. (a) Discussions.— When advantageous the President or his designee shall conduct discussions with the governments of countries that are major financial centers, aimed at: (1) ensuring that United States banking organizations and securities companies have access to foreign markets and receive national treatment in those markets; (2) reducing or eliminating barriers to, and other distortions of, international trade in financial services; (3) achieving reasonable comparability in the types of financial services permissible for financial service companies; and (4) developing uniform supervisory standards for banking organizations and securities companies, including uniform capital standards. (b) Consultation Before Discussions.— Before entering into those discussions, the President or his designee shall consult with the committees of jurisdiction in the Senate and the House of Representatives. (c) Recommendations.— After completing those discussions and after consultation with the committees of jurisdiction, the President shall transmit to the Congress any recommendations that have emerged from those discussions. Any recommendations for changes in United States financial laws or practices shall be accompanied by a description of the changes in foreign financial laws or practices that would accompany action by the Congress, and by an explanation of the benefits that would accrue to the United States from adoption of the recommendations. (d) Construction of Section.— Nothing in this section may be construed as prior approval of any legislation which may be necessary to implement any recommendations resulting from discussions under this section.
1 of 1 references resolved to an enrolled provision
Executive Documents
Delegation of Functions
Functions of President under this section delegated to Secretary of the Treasury by section 1 of Ex. Ord. No. 12781, , 56 F.R. 59203, set out as a note under section 301 of Title 3, The President.