Pursuant to a congressional requirement, GAO assessed: (1) how the European Community's (EC) Single Market Program could affect U.S. financial firms; (2) the extent to which U.S. financial firms participated in EC markets; (3) potential opportunities and challenges for U.S. financial firms; and (4) how U.S. government agencies were working to ensure full and fair access to European markets.
Matter for Congressional Consideration
|EC endorsement of the universal banking model for its more open financial markets gives greater urgency to the ongoing congressional debate over how broad U.S. bank powers should be. The decision to modify the existing requirements is a judgmental one. In weighing the pros and cons of the existing structure, Congress may wish to consider the impact of those requirements on the ability of U.S. banks to compete in EC after 1992.|