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Email News Service June 09: US reforms reiterate support for global regulation moves |
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WASHINGTON, June 17 (Global Risk Regulator) – US President Barack Obama’s administration reiterated its support yesterday for the various international efforts underway to improve the regulation of the global financial system in the wake of the worldwide financial crisis. 
America wants the cooperation of the rest of the world in setting high standards for financial regulation, the US government said in announcing its long-awaited proposals for overhauling the way the country regulates its financial services sector. The call for international cooperation is one of the five key objectives outlined in the proposals with the aim of promoting robust US regulation of financial firms. The US plans, which are subject to Congressional scrutiny, also provide for comprehensive supervision of financial markets, protecting consumers, and providing government with the tools to manage financial crises.
The US called on the Basel Committee of global banking regulators to continue modifying and improving the international Basel II bank capital rules, which are yet to be adopted in America.
Within the context of the regulatory changes demanded by the Group of Twenty (G20) leaders at their April summit, the US urges improved oversight of global financial markets, enhanced supervision of internationally active firms and reform of cross-border crisis prevention.
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