Treasury Under Secretary Speech at Council Outlines Capital Markets Initiative

WASHINGTON—Council on Competitiveness President Deborah L. Wince-Smith made this statement following a speech today at the Council by Treasury Under Secretary Robert K. Steel. The speech outlined Secretary Henry M. Paulson, Jr.’s next steps on his U.S. capital markets competitiveness initiative.

“Today’s announcement highlights the critical importance of capital markets to America’s ability to innovate and compete in the global economy. The United States must engage globally to be successful domestically, whether through trade agreements, collaborative research or better understanding of global enterprise and supply chains. Treasury Secretary Henry Paulson is taking much needed steps to address serious barriers to global competitiveness. The members of the Council on Competitiveness applaud Secretary Paulson, Under Secretary Steel and their team for these new initiatives to enhance U.S. capital markets competitiveness, focused on strengthened financial reporting and a more sustainable and transparent auditing profession.”

Since issuing its landmark report, Innovate America, in December 2004, the Council on Competitiveness has been a leader in the call for a national innovation agenda to enhance American competitiveness and drive individual prosperity.