On December 14, the Federal Reserve Board (FRB) announced a proposal to strengthen its capabilities to oversee certain foreign banks that operate in the U.S. The proposed rules generally apply to foreign banking organizations with a U.S. banking presence and total global consolidated assets of $50 billion or more and would subject certain U.S. operations of such firms to capital plan stress tests, single-counterparty credit limits, overall risk management, and early remediation. In addition, a foreign banking organization with both $50 billion or more in global consolidated assets and U.S. subsidiaries with $10 billion or more in total assets generally would be required to organize its U.S. subsidiaries under a single U.S. intermediate holding company (IHC) to allow for the consistent supervision and regulation of the U.S. operations of foreign banking organizations and help facilitate the resolution of failing U.S. operations of a foreign bank if needed. As proposed, the rules also would subject IHCs to the same risk-based and leverage capital standards applicable to U.S. bank holding companies. Further, IHCs with $50 billion or more in consolidated assets would be subject to the capital plan rule. Finally, the U.S. operations of any foreign banking organization with combined U.S. assets of $50 billion or more would be subject to certain enhanced liquidity requirements. The (FRB) plans to give covered foreign firms until July 1, 2015 to comply. Comments on the proposal are due by March 31, 2013.