In 2003, IBM co-founded the US-based GridWise Alliance that advocates for grid modernization, and in 2007, IBM formed the Global Intelligent Utility Network Coalition (GIUNC), a coalition of players in the energy and utilities market, which is helping accelerate the adoption and use of smart grid technologies and bringing digital intelligence to current systems.

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It would further enhance trade with the European Union, strengthen our Atlantic alliance and set the stage for its modernization in the 21st century, and open the way for a new global round of trade talks.

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Modernization and reform can be constructive, but not if the end result is a new global bureaucracy that departs from the multi-stakeholder model.

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That kind of anti-regulatory ideology brought us some of the legislation that fostered the global financial crisis, such as the elimination of the Glass-Steagall Act and the passage of the Commodities Futures Modernization Act, which prohibited some regulation of derivatives such as credit default swaps.

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