WASHINGTON: India is one of the countries targeted by the USA for possible sanctions if it does not allow unimpeded access to American financial institutions to set up operations, Under Secretary of the Treasury Lawrence Summers has told the Senate Banking Committee.
Top Clinton Administration officials ‘and members of Congress have announced that they will work together in seeking quick passage of proposed legislation that will allow the Secretary of the Treasury authority to limit entry into the U.S.A. of foreign financial firms from countries that discriminate against U.S. firms. Deputy U.S. Trade Representative Rufus Yerxa told the Senate Banking Committee the last week of October, “If countries are unable to provide fair treatment to U.S. banking and securities firms, they should not expect a free ride in the USA.
Yerxa said that the fair trade in the Financial Services Act gives other countries “a clear choice,” open your markets to U.S. financial products or face restrictions in the U.S. market.
Article extracted from this publication >> November 12, 1993
