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US Ambassador to the EU addressed the European Financial Services Conference in Brussels

Video filming & editing: USEU/Office of Public Affairs, Brussels, Belgium. 26 April 2010 - William E. Kennard addresses the 8th Annual European Financial Service Conference in Brussels: A New Deal Between Finance & Society. The video shows excerpts of the speech below: (As prepared for delivery) Remarks by Ambassador William E. Kennard to 8th Annual European Financial Services Conference April 26, 2010 Brussels, Belgium (Moderator: John Houston) Thank you, John. The title of this discussion is New Deal or Business as Usual. WellI do not agree with the premise of that title as I think that business as usual is not an option. The crisis of the last two years has clearly demonstrated serious shortcomings in the global financial system both in how it does its business and how it is regulated. The consequences of these shortcomings have been large: millions of jobs lost, trillions in lost savings, and thousands of failed businesses. Society is demanding that we address the flaws in the system that allowed this to happen. As President Obama said last week: We have to do everything we can to ensure that no crisis like this happens again. The Administration is working hard to enact reform in the US that would hold financial firms more accountable, improve transparency in financial transactions, and provide consumers and stakeholders the information they need to make decisions. The bills passed by the House of Representatives and voted out of the Senate Banking Committee are a ...