Tougher Foreign Bank Regulation Proposed: Senate Banking...

Tougher Foreign Bank Regulation Proposed: Senate Banking Committee Chairman Donald Riegle (D-Mich.) and the committee’s ranking Republican, Sen. Jake Garn of Utah, responding to a scandal over a foreign bank convicted of money-laundering, offered legislation to give federal regulators tough new powers over foreign bank activity in the United States. The bill, drafted by the Federal Reserve Board, comes after a scandal involving Bank of Credit & Commerce International, convicted of laundering drug money and accused of having secret control of Independence Bank of Encino.