Abstract
The traditional U.S. policy is one of national treatment, and the Board of Governors of the Federal Reserve System has said that it strongly supports a policy of national treatment. The Federal Reserve believes that this policy has served the United States very well: the benefits of national treatment outweigh any disadvantage that might accrue to U.S. firms that are trying to enter foreign markets, and the advantages to the U.S. economy as a whole are very great. It has provided the United States with a financial market that is very deep, liquid, flexible, competitive, and innovative. This gives the users of financial services in this market great choice. That is why the Federal Reserve has strongly supported a continuation of the traditional U.S. policy, national treatment.
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