WASHINGTON - The 12 district Federal Reserve banks will add 300 people to their supervision and regulation forces next year, according to a plan approved Wednesday by the Federal Reserve Board.

The staff additions are needed to implement regulatory changes required by congressional legislation last year, Fed governors said. Under the 1991 banking law, the Fed must step up supervision of the 386 foreign banks operating in the United States.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.