> Who would you prefer to have designing and selecting standards for exchanging financial information? I think democratically elected governments would be much

> Who would you prefer to have designing and selecting standards for exchanging financial information? I think democratically elected governments would be much better. Banks will design something that serves their interests only, merely overlooking other priorities in some cases and actively promoting their own in others. It's human nature, and also they have a long track record of sacrificing all other interests, including those of the global economy, taxpayers, consumers, and even their own clients. No institution is perfect, but at least a much broader range of people have a seat at the table government.