International financial services groups should be excluded from the US market if they are based in countries that are havens from regulation, according to Barney Frank, chairman of the House financial services committee. Frank warned the new US push to regulate banks and brokers more rigorously could put it at a competitive disadvantage if other countries did not follow suit. Thus, he said, US banks should be banned from doing business with countries not subject to similarly tough standards.

This entry was posted by Gwen Robinson on Wednesday, August 5th, 2009 at 5:08 and is filed under Capital markets, People. Edit this entry.