[Federal Register Volume 63, Number 73 (Thursday, April 16, 1998)]
[Notices]
[Pages 18968-18969]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-10063]


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DEPARTMENT OF THE TREASURY

Office of the Assistant Secretary for International Affairs
Office of the Comptroller of the Currency
[Docket No. 98-07]


Foreign Treatment of United States Financial Institutions

AGENCIES: Office of the Comptroller of the Currency (OCC) and Office of 
the Assistant Secretary for International Affairs, U.S. Treasury.

ACTION: Notice of study and request for comments.

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SUMMARY: Section 3602 of the Omnibus Trade and Competitiveness Act of 
1988, Public Law 100-418, requires that a quadrennial report on the 
foreign treatment of United States financial institutions be submitted 
to Congress by the Department of the Treasury, working with other 
agencies. This, the third report, is due no later than December 1, 
1998. This report will describe the extent to which foreign countries 
deny national treatment to United States banking organizations and 
securities companies. Public comment is requested on significant 
denials of national treatment to United States banking organizations 
and securities companies.

DATES: Comments must be delivered on or before May 18, 1998.

ADDRESSES: Comments regarding banking market activities should be 
directed to: Communications Division, Office of the Comptroller of the 
Currency, 250 E Street, SW., Washington, D.C. 20219; Attention: Docket 
No. 98-07. In addition, comments may be sent by facsimile transmission 
to FAX number (202) 874-5274, or by electronic mail to 
R[email protected]. Comments will be available for inspection 
and photocopying at the same location.
    Comments regarding securities market activities should be directed 
to: Office of International Banking and Securities Markets, Office of 
the Assistant Secretary for International Affairs, Room 1064, U.S. 
Treasury Department, Washington, D.C. 20220; Attention: National 
Treatment Study Director (Securities). In addition, comments may be 
sent by facsimile transmission to FAX number (202) 622-1254.
    These comments will be available for public inspection and 
photocopying during the hours that the Treasury Department Library is 
open (by appointment) to members of the public. The Treasury Library is 
located in Room 5030, 1500 Pennsylvania Avenue, NW, Washington, D.C. 
20220. Appointments can be made by calling the Treasury Library at 
(202) 622-0045.

FOR FURTHER INFORMATION CONTACT: Wilbur Monroe, Project Coordinator, 
Report on Foreign Treatment of United States Financial Institutions, 
Office of International Banking and Securities Markets, Treasury 
Department (202 622-1252); Arthur McMahon, Study Director (Banking), 
International Banking and Finance, Office of the Comptroller of the 
Currency (202-874-4730); or Warren Gorlick, Study Director 
(Securities), Office of International Banking and Securities Markets, 
Treasury Department (202-622-2263).

SUPPLEMENTARY INFORMATION: In 1979, 1984, 1986, 1990, and 1994, 
Treasury, working with other interested departments and agencies, 
prepared reports on the treatment of U.S. commercial banks by foreign 
governments. (The 1986, 1990 and 1994 reports also covered securities 
markets.)
    In 1988, Congress passed the Financial Reports Act as part of the 
Omnibus Trade and Competitiveness Act, which in section 3602 requires 
that Treasury, working with other agencies, report to the Congress on 
(1) the foreign countries from which foreign financial services 
institutions have entered into the business of providing financial 
services in the United States, (2) the kinds of financial services 
which are being offered, (3) the extent to which foreign countries deny 
national treatment to United States banking organizations and 
securities companies, and (4) the efforts undertaken by the United 
States to eliminate such discrimination. The first report prepared in 
1990 focused on those countries in which there were significant denials 
of national treatment that had an impact on United States financial 
firms. The second report in 1994 added several newly emerging markets 
that had not been the subject of the earlier report. The 1998 report 
will update work done in previous reports but will focus more 
selectively on countries where continued denials in the provision of 
national treatment remain, or where significant improvements have 
occurred since the last report.
    The policy of providing foreign financial firms an opportunity to 
compete on an equal basis with local domestic firms is known as 
``national treatment'' or ``equality of competitive opportunity.''
    Treasury welcomes comments on any aspect of national treatment, and 
invites specific comments on:

[[Page 18969]]

    (a) Those markets which deny national treatment to U.S. banking 
organizations and securities companies in banking and/or securities 
activities;
    (b) Any laws, enacted or pending, regulations, restrictions, or 
practices which result in the denial of equality of competitive 
opportunity;
    (c) The seriousness of such obstacles to business operations; and
    (d) Significant examples of denials in the provision of national 
treatment since June 30, 1994.

    Dated: April 8, 1998.
Timothy F. Geithner,
Assistant Secretary for International Affairs, U.S. Treasury 
Department.

    Dated: April 8, 1998.
Susan Krause,
Senior Deputy Comptroller for International Affairs, Office of the 
Comptroller of the Currency.
[FR Doc. 98-10063 Filed 4-15-98; 8:45 am]
BILLING CODE 4810-25-P, 4810-33-P