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Hearing on TTIP/Financial Services Regulation, European Parliament

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Atlantic Council's C. Boyden Gray Fellow, and Director of the Transatlantic Finance Initiative (TFI) Chris Brummer gave his expert testimony to the European Parliament's Economic and Monetary Affairs (ECON) Committee on Tuesday, March 18. His main arguments before the ECON Committee concluded that an upgraded cooperation in financial services would be mutually beneficial for the United States and the European Union. His testimony argued for four main objectives moving forward in transatlantic financial regulatory cooperation. First, the framing of financial regulation should not be made with a sole focus on market access, but rather aim to increase the interoperability of financial services legislation. Second, TTIP should not be used to introduce any new legislation, for this would raise fears of the possible re-opening of already agreed upon binding rules. Third, Brummer argued that both the US and the EU should be careful in the introduction of a dispute resolution mechanism moving forward in cooperation. Fourth, traditional systems such as the FMRD have not kept pace, and TTIP allows for positive change. Aside from the inclusion of financial services in TTIP, others platforms such as the FMRD would remain valuable to replace other international fora such as G20 in areas such as large bank supervision. In sum, Brummer suggests that the objective of the inclusion of Financial Services in TTIP should be more formalized moving forward, and the US and the EU should create a concrete framework for transatlantic cooperation in financial services regulation.
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Text Comments (1)
Mary Brody (3 years ago)
Why is this so complicated? Legislate that people matter more than profit, the environment matters more than profit. Unless TTIP agrees to protect everyone and everything from the excesses of greed it should not be implemented. Public v private needs to be reframed as: people and evironment v "liberal" ecconomics.

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