Foreigners seek oversight on U.S. markets - report

NEW YORK (CNNMoney.com) -- Investors outside the United States are calling for greater foreign oversight of American markets, banks and credit agencies, according to a report Wednesday.

They argue that the U.S. exports its financial products to international investors, but isn't adequately monitoring and regulating the securities, as evidenced by the substantial losses related to the subprime mortgage scare, said the New York Times.

"We need an international approach, and the United States needs to be part of it," Peter Bofinger, a member of the German government's economics advisory board, told the Times.

Major international banks suffered losses after buying mortgage-backed bonds based in the United States, the report said.

In the past, Washington has emphasized that it does not want foreign oversight. But analysts say Europe and Asia have more leverage now, because they own so much U.S. debt, the Times said.