In an open letter to President Donald Trump, Futures Industry Association (FIA) President and CEO Walt Lukken urged the administration and Congress to review all financial reform regulation in attempt towards simplification and reform.
“Now is the appropriate time to review and simplify the regulatory framework developed following the financial crisis and determine whether these regulations are in fact meeting their public objectives,” Lukken said.
He stated that the Dodd-Frank Act generated more than 22,000 pages of regulations and fundamentally altered the regulatory structure of financial markets.
“While some elements of Dodd-Frank may warrant repeal, others simply require reform,” Lukken said.
Lukken also called for “smart regulation and enforcement” to keep the market’s safe without stifling growth. He suggested that policymakers conduct a cost-benefit analysis before implementing new rules.
Financial markets should also be globally accessible, Lukken said.
“In order for customers in the United States to utilize these risk markets wherever they may be located, regulators must create a regime that allows for cross-border access without overly burdensome and duplicative regulations,” he said.
Lukken also called for policies that promote technological innovation to make markets more efficient, accessible, and improve oversight.
He added that he hopes to see more coordination between the United States and the United Kingdom as these countries are critically important to the financial services industry.