Wall Street groups are putting their weight behind a push to pass a Pacific Rim trade deal this year after reaching an agreement with the Obama administration over a provision that guarantees electronic data can move freely across borders.
The Securities Industry and Financial Markets Association (SIFMA) and the Financial Services Roundtable (FSR) said Wednesday that they will support the Trans-Pacific Partnership (TPP) because the White House’s new policy ensures that foreign governments are prohibited from imposing data localization requirements on flows of financial information.
“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,” said Ken Bentsen, SIFMA president and CEO.
“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,” Bentsen said.
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