SIFMA report advocates financial services integration

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A recently released Securities Industry and Financial Markets Association (SIFMA) whitepaper is advocating financial services integration concerning the nation’s global economic strategy.

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“Financial Services and Main Street: Supporting American Economic Growth and U.S. Competitiveness” outlines the basic role the domestic financial services industry plays in the nation’s economy, emphasizing financial services integration internationally.

“The U.S. financial services industry is fundamental to the growth of our economy,” Kenneth E. Bentsen, Jr., president and CEO of SIFMA, said. “It is a major source of employment both in terms of jobs in the 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 accordance with billions invested domestically by both overseas investor capital markets and the broader operations of foreign financial institutions, remains relevant to the success of the broader economy.

Key report indicators, per officials, include the nation continuing to lead the global economy in financial services with capital markets accounting for 41 percent of global equity and 40 percent of global fixed income markets; the impact financial services has domestically in the U.S. and across the globe; and the role domestic financial services has played in economic recovery from the COVID-19 pandemic and addressing climate change.

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