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September 26, 2005
JS-2950 Statement by D. Scott Parsons, Treasury Deputy
Assistant Secretary for Critical Infrastructure
Protection and Compliance Policy,
before the
U.S. House of Representatives, Committee on
Government Reform, Subcommittee on Government
Management, Finance, and Accountability
Financial Market Preparedness for Wide-Scale
Disasters or Disruptions: A Treasury Perspective Introduction
Chairman Platts and Ranking Member Towns, thank you for inviting me here today to testify on the financial services sector's preparedness to handle a wide scale disruption. I am pleased to tell you that the financial sector has made tremendous progress to ensure its resiliency to withstand both manmade and natural disasters. President Bush has led the development and implementation of an effective program to defend our country's critical infrastructure. The financial services sector plays an indispensable role in the nation's economic system, providing individuals, businesses, and the government with credit and liquidity, short and long-term investments, risk-transfer products, various payment systems, and depository services. It enables people to save for their education, retirement, to purchase their homes, and to invest in their dreams. The financial services system is essential to America's overall economic well being.
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