Accession Number : ADA487539
Title : Spring 2008 Industry Study: Financial Services Industry
Descriptive Note : Final rept.
Corporate Author : INDUSTRIAL COLL OF THE ARMED FORCES WASHINGTON DC
Personal Author(s) : Calderon, Juan ; Collins, Thomas W ; Devinney, Edward ; Driggers, Gene J ; Dunmyer, Valrica ; Flood, Paul ; Gallant, Robin ; Kekauoha, Stanford K ; Krawietz, Anthony B ; Kumashiro, Patrick T ; LaDue, Paul W ; LaFalce, John ; Larson, Steven W ; Lawrence, Steven J ; Nettleton, John ; Ostrowski, John A
Report Date : Jan 2008
Pagination or Media Count : 36
Abstract : The extensive media coverage of the 2008 subprime crisis, both domestically and abroad, drives home the crucial role that the financial services industry plays for not only individual Americans, but for U.S. national security. This is recognized in the 2006 U.S. National Security Strategy that designates as a priority the pressing for open markets, financial stability, and deeper integration of the world economy. This tenet of the National Security Strategy recognizes there is a direct link between our financial services industry and the nation's ability to engage across the globe in every area of national power to include military force projection, international diplomatic activities, economic aid, and humanitarian aid. Because of this correlation, any threat to the vitality, stability and confidence of the financial services industry ultimately affects U.S. national security. This assessment concludes that the U.S. financial services industry is not an industry in permanent decline. Though currently mired in a financial cycle downturn, the financial services industry will recover as the U.S. government takes action to preserve this tenet of our national security. This process should follow the Treasury Secretary's proposed Blueprint for a Modernized Financial Regulatory Structure as the way ahead for restructuring the government's regulatory oversight. Such an innovative and proactive approach will lead the U.S. financial services industry to recovery, restore confidence in the financial sector, and maintain a key component of U.S. national security.
Descriptors : *CAPITALISM , *ECONOMICS , *NATIONAL SECURITY , REGULATIONS , GLOBALIZATION , RISK , INTERNATIONAL TRADE
Subject Categories : Economics and Cost Analysis
Government and Political Science
Distribution Statement : APPROVED FOR PUBLIC RELEASE