Many Americans are angry and have lost basic trust in the financial services industry. The industry accepts its share of responsibility for its role in the economic crisis and its duty to be part of the recovery. We intend to partner with governments to overhaul the regulatory system to help prevent such a crisis again.
President Barack Obama will soon unveil a comprehensive regulatory reform plan. The Securities Industry and Financial Markets Association (Sifma) recognises the urgent need for such a plan and is strongly in support of reform. Financial market participants know the time for change and reform in financial services has come.
Financial products and services are interwoven into the daily fabric of economic life. While not every financial firm or employee contributed to the crisis, it is clear that too many acted improperly and some products were pushed to a level of unsustainable complexity. Given this reality, Sifma has already unveiled its support for a number of major policy reforms as we build a new foundation for our economy.