American businesses need banks of all shapes and sizes, including foreign banks, to meet their financing needs. In fact, foreign banks (also known as international banks or FBOs) provide healthy competition that contributes to efficient and vibrant capital markets and serve millions of American customers through commercial and retail lending. These banks are also able to leverage their strengths – whether that is accessing markets outside the U.S. or in-depth understanding of niche industries – to meet the needs of American businesses.
American businesses cannot succeed when their sources of financing are hamstrung by inefficient regulation.
U.S. businesses depend on the financial products and services of international banks in order to meet the needs of their customers, create jobs, and contribute to economic growth that broadly benefits our country.
In fact, 42% of U.S. businesses believe financial regulation has negatively impacted their ability to access capital and have consistently noted the importance of their bank partners having an international footprint, according to a new survey from the U.S. Chamber of Commerce. Furthermore, 88% of businesses support the notion that foreign banks operating in the U.S. should be held to the same regulatory standards as U.S. banks – likely because they recognize the critical banking services provided by these financial institutions.
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