Think locally, act locally: Anger over US plans for foreign banks

The Federal Reserve is planning a radical departure from traditional supervision by requiring the local offshoots of foreign banks to meet US capital and liquidity rules. Overseas banks are furious – and regulators are backing them publicly, amid fears the policy could destroy global banking. By Michael Watt

It is known as the golden rule – do unto others as you would have them do to you – perhaps the simplest, most vital moral principle that humankind possesses. Every religion has its own version; it is taught to children as soon they are old enough to grasp its meaning.

Regulators may need a gentle reminder of its importance. Almost five years after the financial crisis reached its peak, the risks posed by a cross-border bank failure have still to be properly addressed and, as a result, a turf war