Coming To America?

Here’s a happy headline:

Banking giant UBS is ramping up its threats to leave Switzerland and set up shop in the US — a radical response to Swiss regulators who have proposed onerous new capital requirements on the financial behemoth, The Post has learned.

Executives at the 162-year-old Swiss bank — led by highly regarded Chairman Colm Kelleher and CEO Sergio Ermotti — have even recently met with Trump administration officials to prepare for the possible seismic strategy shift that could include the purchase of a US bank or a merger, according to people close to the matter.

Ironically, the Swiss regulations that threaten to send UBS packing are almost identical to the banking rules proposed by the Federal Reserve by Biden appointee Michael Barr when he was Vice Chair for Supervision. Trump asked for and received Barr’s resignation, replacing him with Miki Bowman who put the kibosh on the capital requirements rule. Now banks are coming to the U.S., instead of leaving,  What a difference a president makes!

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