Citigroup Inc Chief Executive Vikram Pandit said he supports a federal consumer protection authority, because a key lesson of the crisis is that issues influencing consumers can become issues for the whole financial system.

In prepared testimony to be delivered later Thursday morning, Pandit said consumer protection should apply uniform standards to all market participants, and should be linked to a safety and soundness regulator.

Pandit also said the bank had scaled back trading with its own money, and that Citigroup supports standardization and clearinghouses in derivatives markets.

Pandit is set to appear before Congress later on Thursday, before a panel overseeing the U.S. government's bank bailout program.

(Reporting by Dan Wilchins, editing by Maureen Bavdek)

Citigroup Vikram pandit