Press release: EU lawmakers call for continued EU-US cooperation on financial services
26.07.2017
A delegation of eight members of the European Parliament Committee on Economic and Monetary Affairs (ECON) concluded its visit to New York and Washington DC today.
Committee Chair Roberto Gualtieri (Socialists & Democrats, Italy) said:
“Our first visit to the US under the new administration has been a welcome opportunity to share our views and to better understand US perspectives, particularly on financial services and taxation.”
“We take note of the commitment to preserve the post-crisis regulatory framework while introducing a number of targeted adjustments. We understand these adjustments will be done mainly through rulemaking by agencies and aimed at recalibrating some US-specific elements of the implementation of international standards. On our side, we have underlined the importance of preserving and completing a sound global regulatory framework that is conducive to stability and growth. We expressed concerns about the possible removal of the federal government's orderly liquidation authority (OLA) - a critical component of the recovery and resolution framework - and its possible negative impact on cross-border resolution cooperation. We stressed the need to address possible risks to financial stability associated with Brexit and to play our part in preserving well-functioning global markets and avoiding fragmentation. On all issues, we stand ready to engage with our US partners and to continue strong EU-US cooperation.”
“Money laundering, tax evasion, tax fraud and aggressive tax planning are global problems that require global solutions. The EU is at the vanguard on these issues and we need the US alongside us. Our visit has given us insight into how Congress and the Administration view potential comprehensive tax reform in the US. With this process is still in its infancy, we urge the US Congress to keep the fight against base erosion and profit shifting high on its political agenda and to resist harmful protectionism.”
“Our visit to Washington DC and New York has also allowed us to discuss fast-evolving global issues for the financial sector, notably FinTech and cyber security, where close global cooperation will be necessary for the years to come.”
Delegation members
Chair Roberto Gualtieri (S&D, Italy), Vice Chair Ludek Niedermayer (EPP, Czech Republic), Theodor Stolojan (EPP, Romania), Fulvio Martiuscello (EPP, Italy), Pervenche Berès (S&D, France), Paul Tang (S&D, Netherlands), Ramon Tremosa i Balcells (ALDE, Spain), Miguel Viegas (GUE-NGL, Portugal).
Delegation meetings
The delegation met Congressmen Jeb Hensarling (Republican, Texas), Chair of the House Financial Services Committee, Peter Roskam (Republican, Illinois), Chair of the House Subcommittee on taxation policy, Gregory Meeks (Democrat, New York) and Richard Neal (Democrat Massachusetts). Meetings also took place with Stanley Fischer, Vice-Chair of the Federal Reserve Board, Jay Clayton, Chair of the Securities and Exchange Commission (SEC), high-level staff from the White House and the US Treasury, acting Chair Christopher Giancarlo (CFTC), Chair Martin Gruenberg at the Federal Deposit Insurance Corporation, Kevin Stiroh, Executive VP and Head of Supervision group at the New York FED and Maria Vullo, Superintendent for financial services for the State of New York. The program also included meetings with representatives from the financial services sector in Washington DC and New York.
European Parliament ECON Committee
The European Parliament Committee on Economic and Monetary Affairs co-writes rules on regulation and supervision of financial services, institutions and markets and for tax and anti-money laundering issues. For more information visit:http://www.europarl.europa.eu/committees/en/econ/home.html