The Minister for Financial Services, Superannuation, and Corporate Law, Chris Bowen MP, is in Washington this week where he will meet with senior US Administration Officials and key members of the US Congress.
The Minister will also participate in the Australian American Leadership Dialogue.
Minister Bowen will meet with the Chairman of the US Securities and Exchange Commission, Ms Mary Schapiro, and the Governor of the Board of the Federal Reserve, Dr Donald Kohn.
The Minister will also meet with the Under Secretary of the Treasury for International Affairs, Dr Lael Brainard, and the Deputy Assistant Secretary for International Monetary and Financial Policy in the US Treasury Department, Mr Mark Sobel.
Finally, the Minister will meet with the Chairman of the House Committee on Financial Services, the Hon. Barney Frank, and the Chairman of the Capital Markets Subcommittee, Financial Services Committee, the Hon. Paul Kanjorski, who have both been instrumental in the championing of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
These meetings come as the US Congress deliberates on proposed reforms to the US financial regulatory system, while Australia is in the process of transferring market supervision responsibilities to the Australians Securities and Investments Commission (ASIC) ahead of the introduction of competition between financial markets operating in Australia.
Minister Bowen recently announced that ASIC would commence financial markets supervision on 1 August 2010.
These important reforms are part of the Government's drive for Australia to be a regional financial services centre, which capitalises on the continued, solid performance of Australia's financial institutions, particularly in the face of global economic uncertainty.
11 July 2010