WASHINGTON, March 21 (UPI) -- The governments of Singapore and Abu Dhabi agreed not to mix business in the United States with geopolitical interests.
Both governments control hedge funds that purchased major portions of Citigroup and they agreed Thursday to disclose investment activities and submit to U.S. guidelines on risk management.
The Bush administration has been pursuing agreements with foreign governments to have them disclaim any political motivation when they invest in U.S. companies.
In a statement, Treasury Secretary Henry Paulson said, "Singapore and UAE (United Arab Emirates) have long-established, well-respected funds and are showing real leadership by joining with us today."
The agreement came a day before the International Monetary Fund met to begin discussions on similar guidelines, The New York Times said.
The administration is hoping Singapore and Abu Dhabi, which is part of the United Arab Emirates, would set an example.
"It's a process of mutual self-reassurance," said one official who was involved in the negotiations.
"Now it is up to other sovereign wealth funds to follow this lead," said Sen. Charles E. Schumer, D-N.Y.
