We here continue our reports on Treasury’s recommendations for capital-markets regulation, looking now at the America-First framework proposed for U.S. participation in global regulatory actions.  This is not to say that Treasury rejects wholesale the multilateral framework of global finance nor the increasing importance of cross-border risk.  Rather, Treasury has advanced the approach also adopted in its banking report (see Client Report REFORM138) in which the U.S. essentially works within global forums to ensure that U.S. interests are advanced.

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