The current legal and regulatory framework, which was established in the shadow of the Great Depression more than sixty years ago, has served us well and proven to be remarkably resilient. Largely due to this framework, the U.S. financial services system is the envy of the world and American financial institutions are unrivaled in their ability to innovate and compete. However, it is becoming apparent that this framework is increasingly ill-suited to meet the demands of a dynamic and intensely competitive global marketplace. Our regulatory system was designed in contemplation of a markedly different financial services landscape, one that has been dramatically altered over the intervening decades. Two trillion dollars per day courses through the veins of international financial markets.
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Geographic borders have been rendered irrelevant. Traditional lines of demarcation among products, services, and institutions have become increasingly blurred, if not altogether eroded. H.R. 10 is an important first step in modernizing our nation's antiquated financial services laws and it will help to ensure that American financial institutions remain preeminent competitors in the global arena. This is particularly true from the consumer's perspective. Providers have had to meet this demand or risk having consumers take their business elsewhere.