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Race To The Top

Lew Will Target Foreign Bank Reform In 2014

Treasury Secretary Jacob Lew said Thursday his goal next year will be to get foreign governments to match aggressive U.S. efforts and strengthen oversight over their banks to avoid a "race to the bottom" on regulation. "We want a global race to the top," Lew said in a speech to the Pew Charitable Trust. "Other countries need comparably strong standards and mechanisms to address risks that reach across borders," he added. The U.S. will press G-20 finance ministers at their next meeting in February to "bear down" and follow through on implementation of stronger oversight and standards for their banks, he said. Stronger oversight over derivatives also needs to be completed, he said. It is critical that foreign rules "mesh" with the Dodd-Frank reforms, he said. The lack of cross-border rules on how to resolve the collapse of a global financial firm remains a risk to the U.S. financial system, he said. Lew said that he thinks the U.S. has met the test of ending the too-big-to-fail issue, bu...

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