In my remarks, I want first to identify the major trends driving change in the financial services industry. These trends will not be new to you, as they are global, but they will help define our current environment. I will then discuss briefly some issues that may be specific to the United States.
As with every country, the financial services industry in the United States is a product of numerous influences. In my country, the most notable of those influences was our Founding Fathers' determination to decentralize authority and to limit the federal government's influence and to place the law and rulemaking responsibility for commercial activities with the various states.