TTIP to trigger financial crisis and taxpayer bailouts

10 June 2016 - 1:30pm
Press release

A coalition of 14 European and US industry and business associations is leading the charge for TTIP to target rules which were designed to prevent another financial crisis.

The coalition, including TheCityUK, British American Business and The Institute of International Bankers, is pushing for financial deregulation under TTIP – a move already rejected by the Obama administration and the US Treasury, but backed by the European Commission.

Mark Dearn, senior trade campaigner at War on Want, said: 

“The European Commission has learned nothing from the 2008 financial crisis. It’s a scandal that the finance sector, backed by the European Commission, is trying to use TTIP to scrap rules and regulations designed to end ‘too big to fail’ and stop taxpayers footing the bill for greedy and reckless bankers.”

In the aftermath of the 2008 financial crisis, the US government introduced new financial regulation (the Dodd-Frank Act) designed to improve accountability and transparency in the financial system.

Profesor Michael Barr, an architect of the Dodd-Frank Act, said the financial industry is “pushing the [TTIP] talks as a way to overturn the pesky – and highly effective – rules being implemented in the US … trade talks would merely serve as a one-way ratchet to pull back from reforms, not advance them”.

Mark Dearn added: 

“The regulation introduced in the US was a step in the right direction and much stronger than anything introduced by the EU. This could now be all undone by TTIP, triggering another financial crisis and more misery for millions of people.

“The US government must continue to reject these foolish demands.”

 

Notes to editors

For more information and to arrange interviews contact Ross Hemingway +44 (0)7983 550 728

Keep Financial Regulation Out of U.S.-EU Trade Talks http://www.brookings.edu/research/opinions/2013/07/30-financial-regulation-europe-barr

Bloomberg: Coalition Pushes for TTIP to Cover Financial Services http://www.bna.com/coalition-pushes-ttip-n57982073862/

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