Sir Michael also said any teacher who did not wish to act as a surrogate parent in poor areas to pupils who lacked support at home did not deserve a salary increase.
The problem with this, argue some (including the Fed), is that only the Fed has broad powers to examine a bank's parent and its non-bank subsidiaries and act to stop problems elsewhere spreading to the insured bank.
Cardiff Devils Ice Hockey Limited plus parent company Celtic Leisure Holdings PLC issued a public notice earlier this month for a meeting of creditors under the Insolvency Act 1986.
In order to close this loophole, the Lautenberg amendment would apply the same restrictions imposed on U.S. companies' dealings with a foreign country or persons dealing with that country pursuant to the International Emergency Economic Powers Act (IEEPA) to foreign-incorporated subsidiaries of such companies, where the U.S. parent owns at least a 50% share of the subsidiary.