AMG Members Meet with Rep. Fossella on Global Competitiveness
On September 24, 2007, AMG members met with Rep. Vito J. Fossella (R - NY) in Boston to discuss new challenges that could impact the competitiveness of the U.S. economy. Rep. Fossella serves as Chairman of the Capital Markets, Economic and Information Security Task Force -- a GOP group that is exploring factors (such as types of regulation and litigation) that may be impeding the competitiveness of the US financial markets. Members of the Asset Management Group and Rep. Fossella also discussed current market conditions including the subprime matter and its impact on liquidity and industry trends such as the growth of the hedge fund business. As previously reported, this meeting was coordinated through the efforts of SIFMA's Washington D.C. office.
Legislative News Items
With the recent market volatility, legislators have been focused on the financial markets and their impact on the broader U.S. economy. For the benefit of our asset management members, this edition of the Weekly Report includes several testimonies on the credit markets and credit rating agencies.
House Committee on Financial Services Hearing on Legislative and Regulatory Options for Minimizing and Mitigating Mortgage Foreclosures (Click on links below to read testimonies from this September 20th hearing).
The Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System
U.S. Senate Banking Committee on Banking, Housing and Urban Affairs Hearing on the Role and Impact of Credit Rating Agencies on the Subprime Credit Markets (Click on links below to read testimonies from this September 26th hearing).
The Honorable Christopher Cox, Chairman, Securities and Exchange Commission
House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises Hearing on the Role of Credit Rating Agencies in the Structured Finance Market
(Click here to read testimonies from the September 27th hearing)
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If there are any members of the industry that would like additional information on the advocacy activities of the Asset Management Group, please contact Joseph Sack of the staff at 646.637.9265.
The Advocacy Initiatives Committee of the Asset Management Group is chaired by Mark Hemenetz of Schroders and Paul Quistberg of Putnam Investments.
Important Publications:
SIFMA Update
Washington Weekly
Weekly Report of the American Securitization Forum
SIFMA SmartBrief (past five issues)