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SIFMA today issued the following statement from former Senator Judd Gregg, SIFMA CEO, and Kenneth E. Bentsen, Jr., SIFMA president, on comments made by Treasury Secretary Lew at today's Pew Charitable Trusts event:
"SIFMA appreciates the Secretary's recognition of the global nature of markets, and the need for a deep and liquid and well-functioning US financial system. We also appreciate his comments on the quantity of new regulations that have been imposed in the US and around the globe and the efforts to end too-big-to-fail.
"That said, we think it is important to recognize the need for an enhanced coordination process as we address the plethora of new regulations around the globe. We respectively disagree with the assertion that including financial services regulation in trade agreements like TTIP, as the Europeans have proposed, is aimed at watering down regulations, as there is no evidence that the Europeans are watering down their new regulatory scope. Rather, like other regulated areas, we see a trade agreement that includes financial services as a critical opportunity to enhance coordination, reduce conflict, and improve the efficiency of regulations across jurisdictions."
