Economics has made us partners, and necessity has made us allies.” The global economic crisis, which is now in its fifth year, has certainly made us partners. Countries cannot successfully regulate their financial markets in isolation. Going it alone is no longer a viable option. Closer international partnership between regulators has never been so important – and yet so challenging.
In my remarks this morning, I would like to first share my perspective on an issue that is not only of immediate concern to all regulators in the Americas, but also an issue that has the potential to deepen our model of engagement from that of partners to allies. I speak, of course, about the Foreign Account Tax Compliance Act, otherwise known as FATCA.