And it is the private sector that best knows how to help these systems recover from a disruption. Indeed, the topic has become a fixture in most meetings of finance ministers from the Group of Seven industrialized nations over the past two years. economy has been remarkably resilient thus far not only to the Sept. But at the same time, many analysts argue that the financial sector has actually been an industry that has been best able to adapt to the changing needs since September 2001.S. The sooner we can eliminate this uncertainty, the more we can mitigate the impact and speed recovery,” Dawson said. 17, 2001.
“As more and better information about threats they face become available, the people in the private sector who own and operate our financial infrastructure can better estimate the risks they bear,” he said. But not only that, companies have been spending more on preventing hackers and other potential abuse by terrorists, both within and outside the United States.
“The fact remains that we are still exposed to significant risks of economic disruption from terrorist attacks,” Dawson said.
Speaking at a conference on e-governance and homeland security, the deputy assistant secretary for critical infrastructure protection and compliance of the Department of Treasury, Michael Dawson, said that it was necessary for private financial institutions to put more money into strengthening their systems against a potential disruption. 3 (UPI) — The financial system of the United States as well as the domestic economy at large remains vulnerable to terrorist attacks, a senior Treasury official warned Wednesday.S.
“Financial institutions should make the appropriate decisions without waiting for guidance from Washington.
“The longer markets are closed, the longer investors must go without knowing what the impact will be.
Such words from the deputy assistant secretary should come as no surprise, given that prior to joining the Treasury Department in April 2001, Dawson Dawson was chief of staff at FOLIOfn, a web-based broker-dealer. For one, despite the fact that financial markets had to shut down for nearly a week following the collapse of the World Trade Center, most investment banks and stockbrokers were able to relocate their operations quickly and rely on back-up data as well as offices to operate. We will help when needed, but we intend for the private sector to find the necessary solutions,” Dawson added. That uncertainty can itself be harmful to the economy, compounding the impact of any disruption. After all, it is the private sector that owns and operates the majority of financial systems.S. But he also pointed out that the private sector knew best on how to keep the financial markets going strong, adding that the government would only help and intervene when needed. 11 attacks, but also to a significant decline in equity prices, a recession, major corporate governance scandals, a massive power outage this summer, two wars, and ongoing political instability in Iraq.
He also stressed the need for private financial institutions to think for themselves, and think on their feet as well in the event of a terrorist outbreak, even though he made no comment on when and whether such attacks could occur in the future. economy started from a strong base before the slew of negative factors hit. Patriot Act which was enacted a month later to deter and punish terrorist acts has had a significant impact on the financial sector as well, particularly as it resulted in a slew of anti-money laundering regulations. He did, however, point out that the U.
Nevertheless, Treasury’s Dawson, whose division oversees protecting the nation’s financial infrastructure and coordinates cooperation with the private sector, said that it was still necessary to ensure market confidence in the system remains high, and that markets remain open as much as it is possible. Moreover, for all the criticism the act has subsequently raised, it has been effective in encouraging other industrialized nations in cracking down on terrorist financing and money laundering. As a result, there were no major glitches in trading and financial transactions Driving System when Wall Street opened for business as usual on Sept.