On July 7, the Systemic Risk Council sent a letter to U.S. Treasury Secretary Lew commending him and the department for taking a firm stance against including financial services regulation in the ongoing Transatlantic Trade and Investment Partnership (TTIP) negotiations.
The letter states:
“The United States and its banking, securities and futures regulators have made significant progress implementing essential financial reforms to strengthen the financial markets after the global financial crisis. Through years of effort, their progress on over-the-counter derivatives, cross-border resolution, and supplemental leverage ratio requirements, among other topics, is making a real difference.
Unfortunately, despite years of international dialogue (including through the FSB, IOSCO and Basel Committee) and previous negotiated agreements (including at the G20), many foreign jurisdictions lag in their implementation of essential structural reforms.
Including financial services topics within the TTIP framework would create yet another venue for delay and could put years of U.S. progress at risk.”
Read the full letter below: