Treasury Working With Companies, Regulators On TPP Financial Data Issue

U.S. Treasury Secretary Jack Lew this week testified before the congressional trade committees that his department is talking with financial services firms and independent U.S. financial regulators to work through the industry's objections to its exclusion from a ban on local server requirements in the Trans-Pacific Partnership (TPP). At the same time, Lew placed the blame squarely on independent regulators for his department's position in TPP that the financial services sector should be excluded from the ban. "This is a...