Finance Watch urges U.S. Congress not to give in to unfounded competitiveness arguments
29 March 2012, Brussels
Finance Watch has written to Congress to urge the United States not to weaken its stance on Dodd-Frank and the Volcker Rule. In a letter to the Senate Committee on Banking, Housing and Urban Affairs, Finance Watch says that regulators on both sides of the Atlantic are being told their reforms will put banks at an international competitive disadvantage. Finance Watch urges the committee to resist this pressure, as the exact same argument is being made in Europe.
US Senator Jeff Merkley had the letter entered into the record at a committee hearing on 22 March. You can hear the Senator on the archive webcast at this link just after 88 minutes in.