"Today’s topic is important. The United States has been a global financial leader for 100 years. That leadership has amounted to an enormous strategic advantage for the U.S. economy and American businesses, workers, savers, and investors.
Deep, liquid, efficient capital markets allow companies to raise capital quickly and cheaply, and provide investors a wide variety of investment alternatives at low cost — all of which promotes faster economic growth and job creation. Global financial leadership is an advantage our nation has worked hard to achieve, and is a competitive asset we must work hard to preserve.
It is no coincidence that the U.S. economy is the most innovative and productive in the world, and that our capital markets are the world’s most dynamic, most liquid, and most efficient.
Remaining a global leader requires a supervision and regulatory framework that ensures that our financial system is effective and innovative, yet also more stable and resilient. U.S. regulators -- including the CFTC -- have worked hard to respond to the recent financial crisis in ways that preserve those essential features of leadership.
In coming years, we will have a sharper sense of the impacts, costs, and unintended consequences of the new regulatory architecture.
In the meantime, it's important to keep in mind that, while we have responded to the recent crisis as a nation, our financial system is global.
Business is conducted across different firm offices through different time zones on multiple continents.
That’s why it’s important for regulators in different jurisdictions to work together to ensure rulemakings work in sync, and implementation within separate sovereign jurisdictions is coordinated and, to the greatest extent possible, harmonized.
Chairman Gensler is at the center of a great deal of the significant issues that we will discuss today. Acknowledging there are many issues in front of the CFTC, I am sure some here would be interested in the latest debate surrounding the cross-border treatment of derivatives rules under the Dodd-Frank Act.
Finally, I’d note that the industry is looking towards the future…creating jobs, supporting American businesses, and fostering economic growth.
A sound financial sector is essential to getting our economy back on track, creating jobs, and expanding opportunities for all Americans.
We believe in the resilience of our nation and we look forward to playing a positive role in a sustainable recovery of the American economy."
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The Financial Services Forum is a non-partisan financial and economic policy organization comprising the CEOs of 19 of the largest and most diversified financial services institutions doing business in the United States.
The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy.