Venezuela wants seats on private banks

CARACAS, Venezuela, Sept. 2 (UPI) -- The Venezuelan government is calling for all private banks to appoint two federal officials on each of their boards.

Several regional and international banks with branches in Venezuela would be affected by the government-mandated appointments, El Nacional newspaper reported Friday.

The move would ostensibly be an effort to ensure banks' lending policies were in tune with the ideals of left-wing Venezuelan President Hugo Chavez.

Washington has accused Chavez of trying to create a Cuba-style state out of Venezuela. Chavez has cultivated close ties with Cuban President Fidel Castro, though maintains his country is working to create a 21st century version of socialism.