The prevailing view of the Senators was that financial reform legislation could not become a wedge between the U.S. and the Europeans effort to provide effective financial regulation.

A panel of high ranking representatives from the U.S. financial regulatory agencies all agreed the pace of international regulation is proceeding well and, even in those cases where the U.S. has adopted aggressive positions, i.e. the Volcker Rule, we have provided the momentum necessary for other countries to adopt similar standards.