§ 5353. — Fair trade in financial services.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC5353]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 62--INTERNATIONAL FINANCIAL POLICY
SUBCHAPTER IV--FINANCIAL REPORTS
Sec. 5353. 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.
(Pub. L. 100-418, title III, Sec. 3603, Aug. 23, 1988, 102 Stat. 1387.)
Delegation of Functions
Functions of President under this section delegated to Secretary of
the Treasury by section 1 of Ex. Ord. No. 12781, Nov. 20, 1991, 56 F.R.
59203, set out as a note under section 301 of Title 3, The President.
Section Referred to in Other Sections
This section is referred to in section 5352 of this title.
