In a whitepaper with accompanying charts, SIFMA highlighted the importance of financial services to the U.S. and global economy, particularly as to the number of jobs that such services create in the United States, both directly and indirectly. SIFMA argued that it is "vital" to integrate the U.S. financial services industry into the U.S. international economic strategy.
Among the facts that SIFMA highlighted are:
- the U.S. financial services industry employs nine million people and accounts for eight percent of GDP;
- numerous financial services jobs are created in states other than New York (including Florida, Illinois, California and Texas);
- the U.S. capital markets account for 41 percent of global equity, 40 percent of global fixed income markets and 72 percent of domestic economic activity;
- the provision of financial services generates a significant trade surplus for the United States;
- the climate financial market in 2018, including mitigation and adaptation, was $600 billion; and
- foreign financial institutions have invested $760 billion in U.S.-based operations and employ workers in every state.
SIFMA also argued that:
- "operating in international capital markets strengthens the diversification opportunities for U.S. investors and savers, and for foreign holders of U.S. capital"; and
- "U.S. investment overseas has been reciprocated with significant growth in foreign investment into the U.S.-based industry . . . which helps provide additional sources of capital for a wide range of businesses."
Primary Sources
- SIFMA Press Release: SIFMA Issues Whitepaper on Need for Integrating U.S. Financial Services into U.S. International Economic Strategy
- SIFMA Whitepaper: Financial Services and Main Street - Supporting American Economic Growth and U.S. Competitiveness
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