FOR IMMEDIATE RELEASE                                CONTACT: Jen Scungio

July 21, 2011                                                                  (202) 457-8759

FORUM CEO STATEMENT ON ANNIVERSARY OF DODD-FRANK ACT 

WASHINGTON, D.C. – Financial Services Forum President and CEO Rob Nichols released the following statement acknowledging the first anniversary of “The Dodd-Frank Wall Street Reform and Consumer Protection Act:”

“Today marks the anniversary of signing the “The Dodd-Frank Wall Street Reform and Consumer Protection Act,” into law, which was an important first step toward ensuring American financial stability.  Since its inception in 2000, the Financial Services Forum has supported and worked to achieve sensible financial regulatory reform that protects consumers, investors, depositors, and shareholders, while also ensuring that our financial markets are competitive, innovative, and able to provide the capital necessary to fuel economic growth and job creation. 

“As we recognize this anniversary, it is crucial that policymakers and regulators carefully consider the unintended consequences of some of the well-intentioned reforms, especially those that could slow economic recovery and the pace of job creation. Regulators tasked with rule-writing must also be mindful of the pace of implementation, as such a short, and sometimes rushed, implementation schedule could complicate the ability of market participants to clearly understand the requirements and implications of each rule, and how each new rule relates to others. The cumulative impact of regulatory reform must remain a top policy concern, as we want sensible reforms that strengthen our regulatory system, spur economic growth, and ensure the global competitiveness of our American markets. Additionally, a priority for regulators both here and abroad should be to address potential emerging international inconsistencies regarding topics such as swaps, resolution regimes, and the implementation of capital rules. 

“The Forum will continue to work thoughtfully and constructively with the regulators charged with implementation of the legislation to create a financial supervisory framework that ensures institutional safety and soundness and systemic stability, while also meeting the financial needs of American businesses, workers, consumers, and investors."

The Financial Services Forum is an economic and financial policy organization comprised of 20 chief executive officers of the largest and most diversified financial institutions with business operations in the United States. The Forum’s purpose is to promote policies that enhance savings and investment in the United States, and that ensure an open, competitive, and sound financial services marketplace.

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