Vice president and director of government affairs for Citigroup
Improving the general business climate in New York is the most important issue to us. Keeping taxes low and creating an efficient regulatory climate will keep businesses in New York and could be the catalyst for job growth. It also will make New York more competitive in relation to neighboring states, especially Connecticut and New Jersey. Gov. Andrew Cuomo has made significant progress on this front with the 2 percent property tax cap. The financial community in New York doesn’t just include Wall Street―it also includes community banks around the state, all of which contribute to our economy.
We need to get the housing market on a sound footing. The recovery of the housing market is a key component for the state’s economic growth. Although New York has not experienced the large number of foreclosures other states have had, the number of foreclosures in the state is still at a high-water mark. Citi has long supported laws to protect homeowners and keep families in their homes, and we are proud of our efforts to help homeowners avoid foreclosure. However, on average it takes more than 365 days to complete a foreclosure, and these extensive delays in returning a property to the market delay the recovery of the housing market. Public-policy makers must evaluate any additional legislation intended to prevent foreclosures and what impact these measures could have on New York’s housing market and economic growth.
Chief financial officer of the New York Hedge Fund Roundtable
The current deficit and national debt are among the biggest challenges today to the financial services sector, as is the overhang of regulation. The bank and financial services community wants to understand what is going to happen with taxes and spending, and from a regulatory perspective what will or will not apply. Until solutions and answers are reached, there will be a bit of a deadlock on how to move forward for the business community. Specifically, budgetary issues (taxing and spending policies) and what comes out of the Securities and Exchange Commission and Commodity Futures Trading Commission are going to be critical to understand how Wall Street will truly be reshaped.
President and CEO of the Partnership for New York City
Uncertainty associated with the implementation of regulatory reform, nationally and globally, and the resolution of the housing finance crisis are the foremost concerns of the financial sector. For Wall Street, the primary concern is how government will manage structural budget deficits and growing public obligations, both immediately and over the long term. U.S. competitiveness, employment and the strength of capital markets will all depend on reforms that ensure the state and federal governments achieve the right balance in spending and tax policies.
Director of the Center on Financial Services Law at New York Law School
The U.S. financial sector faces global competition. Uncertainty about what laws and regulations will evolve over the next few months, and even years, both here and overseas, could significantly impact the ability of U.S. financial firms to compete with their global counterparts. A global regulatory level playing field is needed. With the passage of the Dodd–Frank Act in July 2010, Congress overhauled how financial firms should operate and be regulated. Some 200-plus regulations are still pending to be written as required by this new law. What these new regulations will say—in particular Title VII of Dodd–Frank relating to the regulation of over-the-counter derivatives—how they will compare to laws and regulations being adopted in other countries, the impact of the extraterritoriality of these new regulations, all taken together, will impact the profitability of many Wall Street firms, as each have large affiliates operating overseas.
Tags: Adam Weinstein, banks, Center on Financial Services Law, Citigroup, financial services, Kathy wylde, Mary Griffin, New York Hedge Fund Roundtable, New York Law School, Partnership for New York City, Ronald Filler, soundbites
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