    FIA Responds to the Announcement of President-Elect Obamas Choices for SEC and CFTC ChairmanshipsWashington, D.C.Dec. 18, 2008John Damgard, president of the Futures Industry Association, issued the following statement in response to President-elect Barack Obamas announcement today that he will nominate Mary Schapiro to lead the Securities and Exchange Commission and Gary Gensler to lead the Commodity Futures Trading Commission. In choosing Mary Schapiro and Gary Gensler to serve as the heads of the Securities and Exchange Commission and the Commodity Futures Trading Commission, respectively, President-elect Barack Obama has sent a strong message to the public and the world of finance that intelligent reform will be the order of the day. The choice of Mary Schapiro, a tried and tested regulatory official with years of experience at the CFTC, the SEC and FINRA, will bring strong leadership to the SEC at a critical moment in its history. And the choice of Gary Gensler, with his distinguished background in both public policy and the private sector, will reaffirm the stature of the CFTC and its importance to the U.S. economy. When the U.S. economy is contracting at an alarming rate, when financial markets all over the world are suffering through extraordinary turmoil and serious questions are being raised about investor protection and market oversight, it is critically important to have strong leadership at these two agencies. We are very encouraged by the fact that President-elect Obama is moving swiftly to fill these important positions, and we look forward to working with both officials once they are confirmed. Todays announcement provides further confirmation that the President-elect is assembling a team of officials with an outstanding combination of experience, expertise and seasoned judgment, and we anticipate that the incoming administration will move quickly to restore confidence in the financial system.  |
| FIA Testifies on Credit Derivatives ClearingWashington, D.C.Dec. 8, 2008FIA President John Damgard discussed several issues related to the clearing of credit derivatives in testimony today before the U.S. House Agriculture Committee. Damgard made three main points in his written testimony. First, the interests of clearing firms must be recognized in the proper structure of any successful CDS clearing operation. Second, government agencies should not make CDS clearing a jurisdictional football. Third, merging the Commodity Futures Trading Commission and the Securities and Exchange Commission will not answer the financial market regulatory concerns raised by Congress in recent months. Download PDF version of Damgard testimony
Hearing schedule and list of witnesses http://agriculture.house.gov/hearings/schedule.html |
 FIA Joins Coalition Urging President-Elect Obama to Continue China DialogueThe FIA has joined with a coalition of U.S. financial services trade associations in urging President-Elect Barack Obama to continue the framework of regular communication with senior Chinese officials that has been established by the Bush administration. In a letter sent to Obama on Nov. 6, 2008, the coalition asked him to show his support for the continuation of this policy by sending a senior advisor to participate with Treasury Secretary Paulson at the fifth round of the Strategic Economic Dialogue on Dec. 4-5 in Beijing. The letter was sent by the Engage China coalition, which includes in addition to the FIA the American Bankers Association, American Council of Life Insurers, American Insurance Association, Bankers Association for Foreign Trade, Council of Insurance Agents and Brokers, Financial Services Forum, Financial Services Roundtable, Investment Company Institute and Securities Industry and Financial Markets Association. To view the PDF version of the letter to President-Elect Obama click here |
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