FIA president and CEO Walt Lukken sent an open letter to President Trump and key congressional and regulatory leaders calling for a comprehensive review of all financial reform regulation.
The letter notes that after the financial crisis, the Dodd-Frank Act has generated more than 22,000 pages of regulations and fundamentally changed the regulatory structure of financial markets. Now is the appropriate time to review and simplify the regulatory framework developed following the financial crisis and determine whether these regulations are in fact meeting their public objectives.
“While some elements of Dodd-Frank may warrant repeal, others simply require reform,” Lukken writes.
In addition to the call for a wholesale review of regulation, FIA also requests that policymakers focus on smart regulation and enforcement, globally accessible markets, and innovation and competition.
In releasing the letter, Lukken noted that he is encouraged to learn that President Trump and UK Prime Minister Theresa May are meeting later this week and looks forward to more coordination between the two jurisdictions, which are of critical importance to the financial services industry.
The signed letter is available here
