Release Date: January 28, 2014
Contact: Katrina Cavalli, 212.313.1181, email@example.com
SIFMA Statement on the Nomination of Max Baucus as Ambassador to China
Washington, D.C., January 28, 2014 - SIFMA today released the following statement from President and CEO Kenneth E. Bentsen, Jr. following the nomination hearing for Senator Max Baucus to be the next Ambassador to China:
"SIFMA congratulates Senator Baucus (D-MT) on his nomination to be the next Ambassador to China and believes his trade expertise will be critical in strengthening America's important economic partnership with China. While we will miss Senator Baucus's voice in the Senate, we believe he can play an important role in strengthening the US relationship with China, and we look forward to working with him in that capacity.
"US financial services firms and their customers still face market access and national treatment barriers that prevent full participation in China. Trade and investment agreements are a vitally important tool to reduce and eliminate these barriers. As such, we remain strongly supportive of the US-China Bilateral Investment Treaty (BIT) and believe the successful conclusion of negotiations will help to remove ownership restrictions on foreign investment, eliminate business activity limitations, and secure important dispute settlement mechanisms necessary to protect investors.
"SIFMA applauds the Senate Foreign Relations Committee for approving Senator Baucus's nomination today and we encourage the Senate to confirm him as Ambassador to China as quickly as possible."
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.