The Growing Role of Sovereign Wealth Funds     Print Email
Thursday, 10 April 2008

Antonio De Lecea, Director for International Economic and Financial Affairs at the European Commission, offered his assessment of the European Commission’s proposed common approach to sovereign wealth funds, and Nova Daly, Deputy Assistant Secretary for Investment Security at the U.S. Department of the Treasury, examined the role of CFIUS in regulating the flow of sovereign wealth funds into the United States. The Hon. Patrick Mulloy, Member, U.S.-China Economic and Security Review Commission expressed his concern about sovereign wealth funds and their influence on the U.S. government and economy. Klaus Stein, IMF Executive Director for Germany; Jarle Bergo, Alternate IMF Director for the Nordic/Baltic States; and François Teissonnière, Managing Director, Telecoms, Rothschild Inc. presented perspectives from Germany, Norway, and the private sector on the issue. Thomas J. Karol, President and COO of the newly formed Sovereign Investment Council emphasized the positive aspects of these funds and advised against excessive regulation that would lead to perceptions of protectionism. The discussion was moderated by James Mendenhall, Partner, at Sidley Austin LLP.