Under Secretary Steel’s Remarks On Capital Markets Competitiveness Praised By SIFMA

The Securities Industry and Financial Markets Association (SIFMA) issued the following statement today praising Under Secretary of the Treasury Robert Steel for his remarks before the Council on Competitiveness.

“Mr. Steel hit the nail squarely on the head this morning when he called on the US to maintain its role as the world’s leader in financial services by continually making self-assessments and changes when appropriate,” said Marc Lackritz. “Instead of closing our markets to foreign competition, we should embrace the global nature of capital markets in the 21st century and seek out ways to break down barriers, rather than searching for ways to build them up. We should be working towards the elimination of duplicative and inefficient regulations and moving towards rules which take a risk-based, or principles-based approach.”

“American financial services firms are the global leaders in this new era,” he added. “For the benefit of investors and American workers, the US should use its position of leadership to work with our counterparts in fostering a stronger, more efficient global marketplace grounded in a mutual recognition approach.”