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SIFMA today released the following statement from Acting President and CEO Kenneth E. Bentsen, Jr., for the House Ways and Means Subcommittee on Trade held a hearing to discuss the prospects for a U.S.-EU trade and investment partnership.
"We support efforts to negotiate a U.S.-EU Transatlantic Trade and Investment Partnership, and encourage negotiators to include financial services in such an agreement. TTIP presents a unique opportunity to enhance the efficiency of the transatlantic financial markets, facilitate trade, and reduce costs for investors, issuers and consumers. Including financial services in the discussions would appropriately recognize the integrated nature of the transatlantic financial markets, and the essential role they play in supporting trade and investment flows between two regions.
"TTIP provides the best opportunity to address regulatory efforts in the U.S. and EU that could result in duplicative, incompatible, or conflicting requirements, regulatory uncertainty and the impact that these proposals will have on competition and consumer choice, and address them at an early stage. Financial services regulatory provisions in TTIP would also facilitate, rather than replace, regulatory coordination between the U.S.-EU in various international bodies."
SIFMA outlines our principles for a regulatory framework here:http://www.sifma.org/issues/item.aspx?id=8589943539
