SIFMA report advocates integration of financial services
A recently published white paper by the Securities Industry and Financial Markets Association (SIFMA) advocates the integration of financial services into the country’s global economic strategy.
“Financial Services and Main Street: Supporting US Economic Growth and US Competitiveness” describes the fundamental role the domestic financial services industry plays in the national economy, with an emphasis on the integration of services. international financial institutions.
“The US financial services industry is critical to the growth of our economy,” said Kenneth E. Bentsen, Jr., President and CEO of SIFMA. “It is a major source of jobs both in terms of jobs in industry and the millions that are generated in other industries through the activities of financial institutions. At the same time, internationally, the industry is a major comparative advantage for the United States.
Bentsen said the report details why such competitiveness, in line with the billions invested domestically by the capital markets of foreign investors and the broader operations of foreign financial institutions, remains relevant to the success of the economy at large.
Key indicators in the report, officials said, include the country which continues to dominate the global financial services economy, with capital markets accounting for 41% of global equities and 40% of global fixed income markets; the impact of financial services in the United States and around the world; and the role that national financial services have played in the economic recovery from the COVID-19 pandemic and the fight against climate change.