Banks, Fed, Fight Off FX Transfer Proposal Is It Really Dead? SIA, Schumer Still Brew


The major U.S. money center banks, with a little help from Federal Reserve Chairman Alan Greenspan, appear to have won the first round in their battle to knock down an amendment that would have required all U.S. banks to conduct their foreign exchange trading activities through separate securities affiliates.

The amendment to the Treasury's banking reform bill, sponsored by Rep. Charles Schumer, D-N.Y., with the full support of the Securities Industry Association, was one of a number of prop