Byron Dorgan: “one area in which the Department of the Treasury should increase their activities is in supporting U.S. financial…”

“one area in which the Department of the Treasury should increase their activities is in supporting U.S. financial service firms in opening up markets for our products in other countries. In some of the most important financial markets in the world the Department of the Treasury does not have personnel whose principal responsibility is to assist American financial service firms expand their presence in those markets. The Department should establish Financial Attaches in the following important capital markets: Brussels: The expected pace of change in the EU financial markets in the next few years and the complexity of capital markets legislation now in formation justifies a focused U.S. presence at the center of the newly expanded EU. London: London's capital markets play a critical role in the global economy and foreign exchange markets. Shanghai: The rapidly growing Chinese economy might present significant opportunities for U.S. firms, but recent experience has shown that such opportunities will not materialize without vigorous insistence that China abide by its commitments. It is critical that the U.S Treasury Department have an on-the-ground presence in China. I look forward to working with my colleagues and the Department of Treasury to establish financial attache positions in Brussels, London and Shanghai and to expand opportunities for U.S. firms.”