Wednesday, March 22, 2017
Author: David Schwartz J.D. CPA
In a March 15, 2017 letter, SIFMA urged Treasury Secretary Steven Mnuchin to take a leading role in the G-20 to reassess existing regulatory reforms and strike the appropriate balance between growth and stability. While acknowledging that regulatory reforms since the financial crisis have made markets more stable, SIFMA believes that too much emphasis on stability may be unnecessarily impeding growth. The letter asks the Treasury Secretary to engage the G-20 members to reexamine existing regulations and create an improved cross-border financial regulatory consultative process. SIFMA believes that such an effort would “foster economic growth and vibrant financial markets...(and) make regulation efficient, effective and appropriately tailored.” SIFMA said that the U.S. is in a position to lead the G20 in an endeavor like the E.U.’s 2015 “Call for Evidence” and encouraged Secretary Mnuchin to do so.
The full text of SIFMA’s letter is available via http://www.sifma.org/issues/item.aspx?id=8589965485
 The E.U.’s "Call for Evidence" was a 2015 public consultation looking at the cumulative effect of the new financial sector rules put in place since the crisis. The purpose of the consultation was to understand the combined effects of regulations and whether they give rise to any unintended consequences and where there may be areas where action is needed to support jobs and growth.