SIFMA Supports Administration’s Treatment of Data Localization in Trade and Investment Agreements; Urges Passage of TPP

Release Date: July 13, 2016
Contact: Carol Danko, 202-962-7390, [email protected]

SIFMA Supports Administration’s Treatment of Data Localization in Trade and Investment Agreements; Urges Passage of TPP

Washington, D.C., July 13, 2016 – SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO in support of the Administration’s treatment of data localization in trade and investment agreements and urges passage of the Trans-Pacific Partnership (TPP):

“SIFMA appreciates the constructive efforts of the Treasury Department and USTR to address our concerns regarding data transfer and localization provisions through enforceable commitments in trade and investment agreements. The new policy approach puts financial services firms on equal footing with other sectors who also depend on the free flow of data and server localization flexibility to run their global operations. We also commend Congress for engaging in this dialogue to advance the policy.

“SIFMA has long been a strong supporter of high-quality trade and investment agreements and believe the TPP will help to create jobs, increase exports and boost economic growth. This agreement will provide increased access and opportunities for the US business community, including the financial services sector, within a group of economies in the Asia-Pacific region representing nearly 40 percent of global GDP.

“We urge Congress to approve the TPP as soon as possible and look forward to continuing to work with the Administration to effectively implement the new policy with TPP partners and in future agreements.”