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Congressman Vito Fossella (R-NY13) issued the following statement regarding the release of the executive summary of Treasury’s Blueprint on Financial Services regulation:
“The Treasury plan is a solid blueprint offered at a critical time, and I commend Secretary Paulson and his colleagues for their work in addressing the competitiveness of the U.S. capital markets. The plan acknowledges that strengthening the regulatory system does not simply involve added regulation – rather, better regulation by regulatory agencies with the tools to handle the complexities of the modern marketplace. This blueprint, as well as the multitude of reports issued in the past year, shows Congress the way forward, and the only question is whether it will choose to act wisely. In a Congress that trends towards overregulation, the debate will be essential. We need to be bold, while recognizing that what works for other countries may not be right for America and American investors. The U.S. is the global financial leader because of the hard work and innovation of millions of Americans that don’t stand for mediocrity. The least Congress can do is offer a regulatory system that won’t either.”
