Government officials from Europe, US meet with global bankers over proposed regulations

Government officials, bankers meet in Davos

DAVOS, Switzerland — Government officials from several nations are meeting behind closed doors with bankers, discussing proposals for regulation that have many in the financial sector concerned.

U.S. Congressman Barney Frank said that “We are determined to do strong, sensible regulation” and rejected any notions that his government was threatening to choke off growth by putting too many controls on the banking industry too quickly.

The level of anxiety among financiers was reflected in a series of meetings at Davos on the subject of the regulation proposals.

Associated Press reporters at the World Economic Forum saw several business and political leaders entering a meeting room Saturday, including French Finance Minister Christine Lagarde and Joaquin Almunia, the European Union’s competition commissioner.