The chairman of the Financial Services Roundtable called for better industry regulation in the United States.

Tom Renyi, executive chairman of The Bank of New York Mellon and chairman of the FSR, today called on the U.S. Congress to enact better regulation of financial services, saying the continued growth of the U.S. economy and future job creation depend upon it.

In his keynote address at the Second Annual Capital Markets Summit, Renyi introduced legislation drafted by the Roundtable designed to promote better, more effective, and better coordinated financial regulation. The legislation seeks better regulatory coordination, principles-based regulation, and uniform application of prudential supervision by all financial regulators.

“This is not just an industry issue — it’s a national economic issue,” Renyi said. “It’s time to move from talking to taking action – with all the urgency the situation warrants. We can’t risk an avoidable market disruption any more than we can risk our position as the world leader in financial services. What’s at stake is nothing less than our future prosperity.”