Tim Ryan, president & CEO of the Securities Industry and Financial Markets Association (SIFMA), welcomed today’s announcement of a global summit:
“Today’s announcement recognizes that our financial markets are global in nature and that any financial regulatory reform requires a global component. Close cooperation among policy makers on an international basis will play an important part in effectively addressing both the economic turmoil and improving the current structure of financial regulation.”
Yesterday, in testimony before Congress, Ryan said financial regulatory reform should:
- minimize systemic risk to the financial system
- promote the safety and soundness of each regulated financial institution
- contain business conduct rules that promote fair dealing and investor protection
- and encourage consistency from country to country.