volcker rule as we work to finalize our implementing rules. bis central bankers ’ speeches similarly, the swaps “ push - out ” requirement in section 716 of the dodd - frank act also appears unlikely to be pursued internationally. under section 716, u. s. insured depository institutions and u. s. branches and agencies of foreign banks will be required to “ push out ” certain types of derivatives dealing activities to affiliated entities. the global effects of the swaps push - out provision are multifaceted. on the one hand, the provision will require u. s. banking firms to restructure their global derivatives dealing activities in ways that will not be required of foreign banks abroad. at the same time, the provision may require u. s. branches and agencies of foreign banks to restructure their derivatives dealing activities in ways that will not be required of u. s. banks. thank you very much for your attention. i would be pleased to answer any questions you might have. bis central bankers ’ speeches

market infrastructures. here, as in other international contexts, our aims are to promote the financial stability of the united states and fair competitive conditions for u. s. financial institutions. other implementation issues as noted in the preceding discussion, even where there is broad international consensus to adopt a particular regulatory approach, there can be discrete issues raised as countries implement that approach in the context of their own legal, financial, and political systems. this circumstance is hardly unique to the area of financial regulation ; it is familiar to anyone who has worked on virtually any regulatory issues that affect international trade and investment. there are also some elements of the dodd - frank act that are unlikely to be pursued internationally in any comparable form. these areas of u. s. - only regulatory reform can present particular challenges in implementation, both in terms of the potential impact that they may have on the ability of u. s. financial institutions to compete abroad and the extent to which they may affect the activities of foreign financial institutions in u. s. markets and with u. s. counterparties. in these instances of regulatory reforms being pursued only in the united states, there are not likely to be obvious answers to the resulting international complexities. for example, there has been considerable recent attention paid to the international aspects of section 619 of the dodd - frank act, more commonly known as the “ volcker rule. ” concerns have been expressed about the volcker rule ’ s potential international implications in three principal areas. first, because the volcker rule applies to the worldwide operations of u. s. banking entities, but only to the u. s. - connected operations of foreign banks, concerns have been raised regarding the relative competitiveness of u. s. firms that have significant operations in overseas markets. second, and conversely, because the volcker rule also applies to the activities of foreign banks unless such activities are “ solely outside the united states, ” several foreign banks and their supervisors have expressed concern regarding the potential extraterritorial impact that those restrictions may have on trading or fund activity of foreign banks that has both u. s. and non - u. s. characteristics. third, because the volcker rule includes a statutory exemption for proprietary trading in u. s. government debt securities, but not in foreign sovereign debt securities, several constituencies have raised concerns regarding this asymmetry. in each of these areas, u. s. regulators will need to carefully consider the concerns that have been raised and the broader international implications of the