Skip to main content

Federal Reserve System: Restrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions

Skip to Highlights

Highlights

GAO reviewed the Board of Governors of the Federal Reserve System's (the Board) new rule on restrictions on qualified financial contracts of systemically important U.S. banking organizations and the U.S. operations of systemically important foreign banking organizations and revisions to the definition of qualifying master netter agreement and related definitions. GAO found that (1) the final rule (a) imposes restrictions on U.S. top-tier bank holding companies identified by the Board as a global systemically important banking organization (GSIB), the subsidiaries of U.S. GSIB (other than national banks, federal savings associations, state nonmember banks, and state savings associations), and the U.S. operations of foreign GSIBs (other than national banks, federal savings associations, state nonmember banks, and state savings associations) with regard to the terms of their non-cleared qualified financial contracts (QFCs); and (b) amends certain definitions in the Board's capital and liquidity rules; and (2) the Board complied with applicable requirements in promulgating the rule.

View Decision

Downloads

GAO Contacts

Shirley A. Jones
Managing Associate General Counsel
Office of the General Counsel

Media Inquiries

Sarah Kaczmarek
Managing Director
Office of Public Affairs

Public Inquiries