Rep. Fossella Statement On Federal Reserve Bank Of NY President's Speech Today

Congressman Vito Fossella (R-NY13) today released the following statement on Federal Reserve Bank of New York President Timothy Geithner:

“The move toward a global framework of regulation is an important step in protecting investors, ensuring an equal footing for American financial institutions and minimizing the next financial crisis. In order for the U.S. to benefit from a global framework, we must also move forward with reforming how our own financial markets are regulated. The current instability in the marketplace is unique and will require an equally unique solution that avoids the typical government response of throwing more regulation at the problem. This reform must improve our ability to monitor systemic risk, promote liquidity and capital formation for U.S. markets and eliminate inefficiencies that dampen America’s competitive position.”