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WASHINGTON, July 22 (Global Risk Regulator) – As the US administration today sent legislation to Congress that would create a systemic risk regulator for the nation’s financial sector, leading global banks are expected tomorrow to urge the need for consistent international approaches if global efforts to reform regulation aren’t to fragment.
Deputy US Treasury secretary Neal Wolin said legislation being delivered today, representing some of the most significant elements of the regulatory reform package announced by President Barack Obama last month, would create a Financial Services Oversight Council. The Council would coordinate regulatory policy, taking a system-wide perspective, Wolin told a conference in Washington of the American Bankers Association (ABA).
“Before Congress adjourns for the August recess, we will have delivered to the Hill legislative language on every element of our White Paper (policy blueprint) that requires legislative action,” Wolin told the ABA, which is the leading trade body for both large and small US banks.
Meanwhile, the Institute of International Finance (IIF), the influential Washington-based lobby group for the world’s biggest banks and financial institutions, is expected tomorrow to bring a global perspective on the many national reform efforts with a 90-page report on the future of international financial regulation.
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