Press Release | The Committee on Financial Services
June 14, 2011
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Press Release

For Immediate Release | Contact: Jeff Emerson, Marisol Garibay 202-226-0471

Financial Services Committee to Examine Impact of Dodd-Frank Regulations on Jobs and U.S. Competitiveness

WASHINGTON -- The Financial Services Committee will examine the international implications of the Dodd-Frank Act on U.S. economic competitiveness during a hearing on Thursday.

“There is a widespread and growing concern that the Dodd-Frank Act with its 400 new regulations will lead to industry, capital and jobs leaving the United States.  This is a concern that many of us on the Committee have expressed repeatedly,” said Chairman Spencer Bachus.  “Our hearing will examine the regulatory disparities between the U.S. and other nations and how that could put American companies at a competitive disadvantage and harm our economy.”

The Committee will specifically look at four crucial areas where divergent regulatory approaches taken by the United States and the rest of the world could damage the U.S. economy and the ability of financial institutions to compete against their foreign counterparts:  capital and liquidity requirements; regulation and oversight of “systemically important financial institutions”; derivatives requirements; and a total ban on proprietary trading.

The hearing, titled “Financial Regulatory Reform: The International Context,” will begin at 10 a.m. on Thursday, June 16 in room 2128 of the Rayburn House Office Building.

This will be a two-panel hearing with the following witnesses:

Panel I

Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation

Lael Brainard, Under Secretary of the Treasury for International Affairs

Gary Gensler, Chairman of the Commodity Futures Trading Commission

Mary Schapiro, Chairman of the Securities and Exchange Commission

Daniel K. Tarullo, Governor, Board of Governors of the Federal Reserve System

John Walsh, Acting Comptroller of the Currency, Office of the Comptroller of the Currency

 Panel II

Stephen O’Connor, Managing Director, Morgan Stanley, and Chairman, International Swaps and Derivatives Association

Timothy Ryan, President & CEO of the Securities Industry and Financial Markets Association

Hal S. Scott, Nomura Professor and Director of the Program on International Financial Systems, Harvard Law School

Barry L. Zubrow, Executive Vice President and Chief Risk Officer, JPMorgan Chase & Co.

Damon A. Silvers, Associate General Counsel, American Federation of Labor and Congress of Industrial Organizations

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