U.S. Representative Ed Royce (R-Calif.) questioned witnesses about the ramifications of recent rules and regulations on short-term access to capital during a Subcommittee on Capital Markets and Government Sponsored Enterprises hearing entitled “The Impact of Regulations on Short-Term Financing.”
“The United States is home to capital markets that are unmatched in terms of the size of our markets, the transparency, the depth, and the resiliency as we have seen. They provide the fuel that keeps the largest economy in the world moving, and allow for investment, development and ultimately allow for job growth. At the end of the day, wages per worker are dependent upon productivity per worker, that’s dependent upon investment per worker, and that’s dependent upon the capital markets and getting everybody into the capital markets. The European Commission recently engaged in what they called a ‘Call for Evidence’. That was a request to the public for feedback on ‘interactions, inconsistencies, and gaps’ and ‘unintended consequences’ created by Europe’s regulatory framework, created by their bureaucracy. Mr. Toomey, should U.S. regulators engage in a similar project as the EU’s ‘Call for Evidence’, and what would the benefits be of such an undertaking?” asked Chairman Royce.
“The European Commission …read more
Source:: U.S. Rep. Ed Royce