Bowles met with her counterparts in the US Congress as well as with the US regulators to discuss ongoing changes to financial legislation on both sides of the Atlantic and specifically raised the current US proposals on derivatives/OTC legislation.
Chairwoman Bowles just ended a three day visit to Washington, where she met with her counterparts in the US Congress as well as with the US regulators to discuss ongoing changes to financial sector legislation on both sides of the Atlantic.
During her visit she joined the House Financial Services Committee during one of its "mark up" (amendment) sessions, after which she met with Chairman Barney Frank and Subcommittee Chairmen Paul Kanjorski and Jose Gutierrez. She also attended four mark-up sessions, concerning, among others, legislation on the new US regulatory oversight board, systemic risk and too-big-to fail financial institutions.
Bowles held meetings with Ranking Member of the Senate Banking Committee, Richard Shelby, and Ranking Member of the House Financial Services Committee, Spencer Bachus, as well as with several other US House representatives.
One of the main reasons for her visit was to discuss the current US proposals on derivatives/OTC legislation. She met with the sponsors of several of the proposed versions of the legislative act, including Senator Jack Reed and Chairman Frank, as well as with both Chairmen of the regulatory bodies concerned: CFTC Chairman Gary Gensler and SEC Chairman Mary Schapiro. With Chairman Schapiro she pressed for the US to return to its roadmap for converging US GAAP with IFRS and for a solution to the impasse on the exchange of audit information between supervisors as envisaged in the EU statutory audit directive. As well as meeting with the SEC Chairman, Bowles also met with SEC Commissioner Kathy Casey.
On the subjects of systemic risk, the role of the Federal Reserve in the new US Council of Regulators, and on capital requirements for banks, Bowles met with the Fed's Vice-Chairman Donald Kohn. One of the controversial topics of their discussion was the potential supervision of European companies active in US markets, which could be designated as systemically relevant. Given that the EU Systemic Risk Board and the possible new US Oversight Board of Regulators have similar remits, it was agreed that further cooperation and exchange of information between these bodies is desirable.
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