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US embraces deregulation but European governments are wary of risky companies and markets
The US president, Donald Trump, made his intentions on financial regulation clear from the very start of his administration. He issued an executive order requiring that for every new regulation imposed at least two should be targeted for repeal. No such deregulatory zeal is evident in Europe.
The Economic Growth, Regulatory Relief, and Consumer Protection Act, signed by Trump in May 2018, has, in practice, emphasised the second part of its title over the third. According to a set of regulatory principles issued by the administration, regulators must consider the competitiveness of US firms and advance American interests in international financial forums. The Treasury was instructed to produce four reports, covering banks, capital markets, asset management and insurance, and non-banks and fintech, to show how the principles could be realised through a variety of deregulatory initiatives. All four reports have now been issued.
Continue reading...from US news | The Guardian http://bit.ly/2CVoeFW
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