Jack Lew, the US Treasury Secretary, warned that US financial reforms aimed at ending the problem of banks that are “too big to fail” will fall short unless international regulators hold global banks to the same high standards.
The US Federal Deposit Insurance Corporation is finalising plans that would make it possible to shut down failing US banks without jeopardising the rest of the financial system, but there are questions over whether other countries would honour those measures and the compatibility of overseas rules.
Mr Lew warned “failure to work out such arrangements now could pose a significant future risk to our financial system”.
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