CEOs fear US regulatory environment could hamper trade talks

The Roundtable is concerned that pending legislation in Congress would apply more regulations on banks and “give large European and Asian financial institutions a serious advantage against their U.S. competitors, while increasing regulatory dissonance between the United States and the EU.”

They pointed specifically to legislation authored by Sens. Sherrod Brown (D-Ohio) and David Vitter (R-La.) that would require the nation’s largest banks to keep 15 percent in capital reserves and restrict taxpayer help for troubled institutions. 

“This result would hurt both the U.S. financial services industry and globally engaged U.S. businesses, which would have to turn to non‐U.S.‐based financial institutions instead for their largest global financing transactions,” the letter said. 

“This would undermine the ability of those U.S. businesses to compete in the global economy and support American growth and jobs.”