Sept. 15 - Americans for Financial Reform Urges World Leaders to Change Course on Global Financial Deregulation

Posted: 9/15/2009

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Over 50 organizations representing over eight million Americans released a letter today that they sent to President Obama urging him to "advocate a global regulatory floor, and oppose any efforts to impose a ceiling" on re-regulation in the upcoming G-20 Summit.

The event will bring the heads of the 20 leading economies to Pittsburgh, Pennsylvania from September 24-25, and "will be the next critical test of whether the United States can inspire the governments of the other major economies to join together to begin the vital work of creating a global economy that delivers a future of widely shared economic prosperity and security at home and abroad," said the labor, consumer and faith groups, which include Americans for Financial Reform ? the coalition of 200 groups that is leading the efforts to reform and restore oversight, accountability, and transparency to the nation?s financial system.

The letter calls on President Obama and the G-20 to establish "a global regulatory floor for hedge funds, private equity funds, derivatives and off balance sheet activity."

The groups also urged the president "to lead an effort to ensure international agencies are pursuing policies that support global economic recovery." The letter notes that the International Monetary Fund (IMF) and World Trade Organization (WTO) impose deregulatory requirements that impede nations? ability to resolve problems like "too big to fail" financial service providers and destabilizing capital flight. The full text of the letter ? and the list of over 50 signatory organizations ? is reproduced below. Experts from Americans for Financial Reform are available for comment on the letter and issues it raises, and will be present in Pittsburgh for the G-20 Summit.

Read the full letter here (PDF).