Jamie Dimon, chairman and CEO of J.P. Morgan Chase & Co., and Richard Kovacevich, chairman and CEO of Wells Fargo & Co., have been named co-chairs of the Financial Services Roundtable’s Blue Ribbon Commission on Enhancing Competitiveness.

The commission, which was created by the Roundtable’s board of directors at its recent spring meeting, is to develop regulatory principles that deliver more balanced, consistent, and predictable outcomes; identify alternative ways to modernize U.S. financial services charters to meet the challenges of global competition; and create a financial services competitiveness reform agenda.

The commission will focus on a wide variety of issues including securities litigation, U.S. and international accounting standards, anti-money laundering, Basel II capital rules, consumer lending, and investor protection. The commission is expected to conclude September 26, and will release a report outlining its findings and recommendations shortly thereafter.

“We must work together to identify and then implement the changes needed to allow all U.S. financial institutions to remain competitive and the United States to remain competitive at the forefront of the global marketplace.” said Dimon.

“Studies such as the Bloomberg-Schumer Report have highlighted the competitive challenges facing the U.S. financial markets and financial institutions. It is vital that steps be taken now to overcome these obstacles to help us serve our customers better in the future,” said Kovacevich.

“As leaders in the field of financial services, the Roundtable is uniquely positioned to examine the causes of the recent loss of market share to foreign securities markets and make recommendations to assure the continued global pre-eminence of United States securities markets long term,” said Tom James, chairman and chief executive officer of Raymond James Financial, and chairman of the Roundtable.

“This commission will make specific, concrete actions that the United States can implement to ensure it remains at the forefront of the global economy,” said Steve Bartlett, president and CEO of the Roundtable.