By Sam Obenhaus
The United Kingdom wants banking regulations covered by the Transatlantic
Trade and Investment Partnership (TTIP), a free trade agreement being
negotiated by the United States and European Union. The United States, however, is opposed to including the
matter.
According to Lord Ian Livingston
of Parkhead, the U.K. Minister for Trade and Investment, U.S. negotiators have expressed fear that any agreement on banking regulations will have the effect of
unwinding key parts of Dodd-Frank, the important but controversial financial
reform bill passed in the wake of the Great Recession.
“If you go back to Glass Steagal, America has
felt that things were unwound over time and that that's problematical. They
don't want the same thing to happen with Dodd Frank,” he said, while speaking
before the E.U. Sub-Committee on External Affairs.
According
to the E.U. Trade Commissioner, the two sides aim to complete negotiations
on the entire agreement by November. Bloomberg
BNA has more on this issue and the ongoing negotiation of TTIP.
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