(January 5 – 17:10 ET) – The Securities Industry Association in the United States is lauding the U.S. House of Representatives’ creation of the House Financial Services Committee.

The SIA says this action, “reflects the changes already underway within the financial services marketplace as well as the reforms Congress enacted in 1999”.

U.S. Representative Richard Baker, Chairman of the House Banking Subcommittee on Capital Markets, Securities and Government-Sponsored Enterprises, lauds the move too, saying, “The goals of a new Financial Services Committee should be: to be skilled in the consideration of financial issues; to continue the efforts initiated with the passage of Gramm-Leach-Bliley, and open market opportunities for continued economic expansion; to engage in the enormous task of reviewing all regulation of financial activities; and to protect consumer interests while relieving the markets of unwarranted intrusion.

The Gramm-Leach Bliley legislation, named after the three U.S. senators who sponsored it, opens the door to major consolidation in the U.S. by removing the restrictions from banks, insurers and brokers to own one another.

“The vigorous competition in the financial services market, as well as the passage of Gramm-Leach-Bliley, have created a vast array of new opportunities for financial services consumers in securities, banking, and insurance. Companies in these industries now have the flexibility to offer their clients various combinations of financial products and services,” said Marc Lackritz, SIA’s president.

“The House Commerce Committee has compiled a tremendous record of legislative accomplishments on behalf of investors, capital markets, and the securities industry,” said Steve Judge, SIA’s senior vice president, government affairs.

“It is an extraordinary record of legislative accomplishment, by any measure, and investors, the markets, and the industry have all clearly benefitted,” Lackritz said. “It’s our hope that the new House Financial Services Committee will build upon the pro-investor and pro-market legacy of the House Commerce Committee, and continue to recognize the unique characteristics of the corporate and regulatory culture of the securities industry.”
-IE Staff

http://www.sia.com/press/html/pr-newcommittee.html