This story appeared in Bank Digest.
In a speech before Georgetown University and PwC Conference entitled “Financial Reform, What's Next? A US and Global Perspective Examining the Opportunities and Challenges Ahead,” Assistant Treasury Secretary Marisa Lago discussed the critical issues facing the global financial regulatory landscape. Lago noted, “We know that the steps we have taken in the U.S. and globally have helped. Banks have more capital. Leverage has been reduced. We also know that we need to do more. We must continue to pursue the highest standards if we want to secure our financial system against future crises, cultivate financial markets that efficiently allocate capital and support growth, and maintain the competitiveness of our markets and financial firms. Recent history has underscored that the risk is not in being too bold, too strong or too secure, but rather in being too lax and too vulnerable. Together with our partners in the G-20, the U.S. seeks to establish high standards that allow competition and innovation to thrive, while protecting consumers and taxpayers from future crises.”