Legal & Regulatory Reform
Dodd-Frank Wall Street Reform and Consumer Protection Act
As established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Financial Stability Oversight Council (FSOC) is charged with identifying and monitoring organizations that pose a systemic risk to the financial stability of the United States.
In response to an Advance Notice of Public Rulemaking, OFII submitted comments to the Department of Treasury about which factors the FSOC should use when determining if a certain nonbank financial company (NFC) should be subject to supervision and regulation by the Board of Governors of the Federal Reserve System. Specifically, OFII’s comments address how these factors should be different for foreign NFC’s that have a U.S. branch or subsidiary.
OFII Documents
OFII Comments on Dodd-Frank, February 25, 2011
OFII Comments on Dodd-Frank, November 5, 2010
LEGAL & REGULATORY REFORM
Often legal and regulatory issues arise that uniquely or disproportionately target U.S. subsidiaries of companies headquartered abroad. OFII, by itself or with other business groups, regularly participates in the U.S. legal system by submitting relevant briefs and amicus briefs. Additionally, OFII works to ensure that policymakers do not subject U.S. subsidiaries to unnecessary and burdensome regulations...
Read More...OFII regularly participates in the U.S. legal system on its own and with other business groups on issues that uniquely or disproportionately affect U.S. Subsidiaries of companies headquartered abroad.
Read More...As established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Financial Stability Oversight Council (FSOC) is charged with identifying and monitoring organizations that pose a systemic risk to the financial stability of the United States. In response to an Advance Notice of Public Rulemaking, OFII submitted comments to the Department of Treasury about which factors the FSOC...
Read More...Industry Trade Advisory Committees (ITACs) are jointly administered by the Department of Commerce and the United States Trade Representative (USTR) to provide a forum where private industry can have a voice in formulating U.S. trade policy. U.S. citizen representatives who work for U.S. subsidiaries of foreign headquartered companies are currently prohibited from participating in ITACs, even though...
Read More...During Senate floor consideration of the “America Invents Act” of 2011 (S.23), OFII sent a letter to every Senator urging them to improve or drop a provision that would leave U.S. subsidiaries and their parent companies vulnerable to plaintiffs filing separate and duplicative lawsuits in multiple venues. Shortly thereafter, the provision was dropped from the bill before its passage in the Senate....
Read More...In recent years, several legislative proposals and lawsuits have sought to impose service of process and personal jurisdiction over foreign manufacturers. In December 2011, Senator Sheldon Whitehouse (D-RI) reintroduced a new version of the Foreign Manufacturers Legal Accountability Act (S.1946) and Rep. Betty Sutton (D-OH) reintroduced companion legislation (H.R.3646). The scope of the proposals...
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