In addition to improved cooperation among US banking agencies, supervision of global financial institutions requires strong relations among supervisors worldwide. Most certainly, we have sought to do that, for decades now, through the Basel Committee on Banking Supervision and its predecessor.
Although the work of that committee has focused on banks in G10 countries, the supervisory principles and sound banking practices that it has identified have helped to strengthen bank supervision around the globe. Development of the “Core Principles for Effective Banking Supervision”, is a prime example of those efforts.