“The U.S. Department of the Treasury today released a report that examines the current regulatory framework for the asset management and insurance industries and makes recommendations to ensure the regulatory framework is aligned with the Administration’s Core Principles for financial regulation. Treasury’s evaluation focuses on four key areas: the proper evaluation of systemic risk, ensuring effective regulation and government processes, rationalizing international engagement, and promoting economic growth and informed choices.”The regulatory framework for both the asset management and insurance industries can be significantly improved,” said Treasury Secretary Steven T. Mnuchin. “We are recommending more efficient and effective regulation to give consumers access to the products they need while providing individuals with opportunities to save for retirement.” This report was in response to Executive Order 13772, issued by President Trump on February 3, which calls on Treasury to identify laws and regulations that are inconsistent with the Core Principles for financial regulation set forth in the Executive Order. The U.S. asset management and insurance industries are the global leaders in promoting vibrant capital markets and diverse investment opportunities, and ensuring Americans can safeguard themselves, their property, and their businesses against unexpected events. Nine of the top 10 global asset managers are headquartered in the United States. Further, the U.S. insurance market is the largest in the world, representing 29% of the global market. In the report, Treasury identifies numerous ways to improve the regulatory framework for asset managers and insurance companies, and the products and services they offer…”

• See also Treasury Reports – Summary of Recommendations for Regulatory Reform
• and A Financial System That Creates Economic Opportunities