With an innovative and competitive financial services industry and with the nation's public finances in their best condition since the 1960s, the financial underpinnings of the U.S. economy and national defense are secure. The U.S. industry is the preeminent and worldwide leader in financial services, a technological pacesetter and market innovator. The government can ensure continued U.S. leadership in the global economic community by pressing for more open markets and legislating increased harmony among regulatory regimes. It also has an important leadership role to play in the coming international struggle to regulate trade and electronic cash on the Internet. Financial markets are operating in a new economy marked by technologies and global boundaries that are increasingly beyond the scope of regulatory authorities to understand or control.
ICAF Industry Studies 1997