Through the Foreign Bank Supervision Enhancement Act, the United States not only recognized the importance of consolidated supervision, but strongly encouraged it as an international principle of banking supervision by requiring that any foreign bank seeking to enter the United States be subject to consolidated home country supervision. Subsequent history has confirmed that judgment.
As I’ve noted, virtually all of the large holding companies now operate as integrated units and are managed as such. Thus, the Federal Reserve remains convinced that one supervisor must have the task of evaluating the organization as a whole. BIS Review 24/1997  -3-  This view is now commonly accepted around the world.