New Dems Applaud President Obama’s International Regulatory Reform Efforts
Today, the Co-Chairs of the New Democrat Coalition's Financial Services Task Force, Representative Melissa Bean (IL-08) and Representative Jim Himes (CT-4), and the New Dem Coalition Leadership, led by Chair Representative Joseph Crowley (NY-7), issued the following statement following the G-20 meeting in Pittsburgh:
"As we work to make significant reforms to our financial system here in the United States, it is vital that we coordinate these efforts internationally. One of the lessons learned from the crisis last year, is that that our economy is inextricably linked to economies throughout the world. We must make the reforms necessary to protect our economy, while continuing to support international relationships that foster economic growth, competiveness and innovation for the United States.
"The New Dems applaud President Obama for addressing the need for greater global coordination on reforming financial regulatory systems at the meeting of the G-20 and his dedication to working collaboratively on policies to harmonize regulatory reforms across nations, including oversight of unregulated financial products and addressing executive pay regulations.
"The New Dems have been at the forefront of efforts to strengthen the U.S. financial markets to prevent future downturns from spiraling into a severe system-wide crisis, as the nation experienced just one year ago. Establishing uniform national and international regulatory standards have been priorities among the New Dems' regulatory reform efforts, along with protecting consumers and investors, strengthening market stability and transparency, and enhancing the effectiveness of regulatory oversight, while preserving innovation and the availability of appropriate risk management tools. We remain committed to working with Chairman Barney Frank, House Leadership and President Obama on reforming our financial regulatory system to strengthen our economy, build consumer and investor confidence, and protect hard-working American families and businesses."
?Statement supported by New Democrat Coalition Financial Services Committee Co-Chairs Representative Melissa Bean (IL-08) and Representative Jim Himes (CT-4) and the New Dem Leadership Members, led by Chair Representative Joseph Crowley (NY-07), and Vice-Chairs Representative Melissa Bean (IL-08), Representative Ron Kind (WI-03), Representative Allyson Schwartz (PA-13), and Representative Adam Smith (WA-09).??
The New Democrat Coalition is composed of members committed to enacting policies that empower the U.S. to grow economically, maintain its competitiveness in the global marketplace, continue as the world's leader in innovation and technological advancement, and strengthen economic and national security. The Coalition is dedicated to providing the leadership necessary to implement policies that will ensure that America maintains its prosperity and global leadership. For more information, visit the New Dems website at https://ndc.crowley.house.gov.
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