ICI, Other Associations Back Senate Resolution on the Competitiveness of U.S. Markets

Washington, DC, February 16, 2007 - The Institute and seven other financial services associations supported a resolution concerning the need to address the competitiveness of the U.S. capital markets.

Background
Sen. Michael Crapo (R-ID) filed an amendment to H.J. Res. 20 expressing the "Sense of the Senate" about the findings of the so-called McKinsey Report and the Interim Report of the Committee on Capital Markets Regulation, which express concern that U.S capital markets are losing their competitive edge due to excessive regulation and unwarranted litigation.

ICI Position
The joint letter supports the Crapo resolution and the other recent efforts that highlight the need for measures to help maintain America's financial services preeminence and regain ground lost to foreign markets. The letter strongly supports continued efforts from Congress and the Bush Administration to work to eliminate barriers that U.S. financial services firms face in foreign markets that directly harm financial services competitiveness.

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