26 October 2007
City of London Policy Chairman meets US Treasury Secretary and
New York Mayor to discuss way ahead on regulation
Michael Snyder, City Policy Chairman and political leader of the
government body which runs London's main financial district, today
met in New York US Treasury Secretary Hank Paulson, and New York
Mayor Michael Bloomberg. They held talks on how the two cities can
work together - and with other cities - to support the global
economy by providing deep pools of capital and liquidity in the
west's most successful job-creating industry - financial
services.
Commenting on the meeting, Michael Snyder said: "The talks were
to find out how the two cities, often billed as rivals, could work
together better to lower the regulatory burden and barriers to
trade worldwide. We discussed ways of extending mutual recognition
for UK and US - and EU and US - regulators. This included the need
for International Accounting Standards to be accepted in the US,
alongside the US Standards.
"We examined ways to increase liquidity in both the London and
New York markets, and ways generally to make the world's top two
finance centres work better - including the need to improve
transport links in and out of our respective international airports
and the airport security and immigration facilities in both
countries.
"We also discussed with New York City Police Commissioner Ray
Kelly - who was also at the meeting - mutual ways in which the two
cities can better tackle the threat of terrorism, and of economic
crime, including money laundering.
Michael Snyder continued: "London vs New York is often how the
show is billed - but the real game is 'efficiency vs economic
drag'. Both cities share the same interest in seeing
market-friendly solutions adopted worldwide. It's not a zero-sum
game, either, and both London and New York will benefit from
cooperation on key matters. After all, some of the biggest
employers in the City are US-owned - so our interests are closely
linked when it comes to jobs.
"340,000 City jobs depend directly on getting this right - and
up to a million in related sectors across London."
Michael Snyder, who sits on the UK Chancellor of the
Exchequer's' High Level Finance Group, is in New York to meet Mayor
Bloomberg and Secretary Paulson, and also the heads of US-owned
banks operating in London.
He also visited Washington earlier in the week and met senior
politicians in both the House and Senate with responsibilities for
financial services, as well as the heads of the main industry
regulators.
Ends
Background on City of London and Michael Snyder on
/Corporation/media_centre/
/Corporation/media_centre/biographies/michaelsnyderbiog.htm
For information on the meeting from other participants
contact:
United States Treasury:
Brookly McLaughlin: +1 (202) 622-2920
brookly.mclaughlin@do.treasury.gov
New York City: Office of the Mayor:
Press Office: +1 (212) 788 2958