Speech by SEC Commissioner Paul S. Atkins
Strasbourg, France
October 26, 2005
It is an honor to be here with you today at the Financial Services Forum. Let me start by saying that the views that I express here are my own and do not necessarily represent those of the Securities and Exchange Commission or my fellow commissioners.
I applaud the Forum for its role in facilitating discussions between the European Parliament and the financial services industry and promoting cross-border integration of the financial services industry. I am pleased that you have not limited your focus to Europe, but have reached out to the U.S. also.
Frédéric Bastiat in his satirical "Pétition des fabricants de chandelles, bougies, lampes, chandeliers, réverb ères, mouchettes, éteignoirs, et des producteurs de suif, huile, résine, alcool, et gén éralement de tout ce qui concerne l'éclairage à MM. les Membres de la Chambre des Députés"1 called for "a law requiring the closing of all windows, dormers, skylights, inside and outside shutters, curtains, casements, bull's-eyes, deadlights, and blinds -- in short, all openings, holes, chinks, and fissures through which the light of the sun is wont to enter houses."2 In this way, the nation's lighting industry would prosper to the benefit of all except, of course, the consumer. Although written more than 150 years ago, we would do well to avoid the protectionist impulses that Bastiat's petition so colorfully illustrated. Instead, in both Europe and the U.S. we should throw open the windows and let the sunlight shine in.
See full Speech.
Posts
