The FSB is methodically addressing each of these questions and making solid progress. 10 In the meantime, there is a risk that some countries, understandably concerned about the safety of their own financial systems, may take measures that run counter to the spirit of the G-20 reforms to promote financial integration.
An example of this is the set of rules governing foreign bank operations in the Dodd-Frank Act of 2010, the most comprehensive reform of the financial system that the United States has undertaken since the Great Depression. 11 Under Dodd-Frank, subsidiaries and branches of international banks of a certain size will have to meet separate capital and liquidity requirements inside the United States.