A group of six Republican senators led by Sen. Tom Cotton (R-Ark.) wrote to President Trump yesterday calling on him to address the role of the Basel, Switzerland-based Financial Stability Board with respect to U.S. regulatory framework. The lawmakers urged the president to “clarify that the standards or rules developed by the FSB are advisory in nature, and not binding on the United States or U.S. businesses.”
Expressing concern that the FSB has had too great an influence over U.S. financial regulatory policy in recent years, the lawmakers urged the president to “shift the emphasis from global standards imposed on U.S. entities to ensuring that our federal regulators take into account first and foremost the interest of U.S. affected entities and U.S. consumers.”
