FOR IMMEDIATE RELEASE:                      CONTACT: 

November 29, 2011                                     Jen Scungio, 202-457-8759

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FORUM URGES SUPPORT FOR S. 1835, ‘THE UNITED STATES

COVERED BOND ACT OF 2011’

WASHINGTON, D.C. — Financial Services Forum President and CEO Rob Nichols released the following statement today in support of S. 1835, “The United States Covered Bond Act of 2011,” which was released by Senators Schumer, Corker, Crapo, and Hagan:

“The Financial Services Forum commends the bipartisan “United States Covered Bond Act of 2011,” which will allow U.S. financial institutions to issue bonds with a legal framework around them and will result in attracting more capital to the housing, consumer credit, and small business markets at a time when additional access to credit is desperately needed.  Difficulty in obtaining sufficient capital or credit at reasonable terms can prevent the launch of a new business, disrupt the further growth and development of an existing young business, or even wipe out an otherwise healthy and viable business. 

“Given the significance of consumer credit, small business, and housing in creating jobs in the United States, we must ensure that we open as many financing avenues as possible to help our entrepreneurs and existing small businesses continue their prominent role in leading our country’s economic recovery.  It is equally important that we turn on all available spigots for credit availability for consumers and housing credit to move the residential housing and consumer markets toward a recovery.  We urge policymakers to move forward and pass this legislation.”

Forum support letter to S. 1835 co-sponsors.

The Financial Services Forum is a non-partisan financial and economic policy organization comprised of the CEOs of 20 of the largest and most diversified financial services institutions doing business in the United States. The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy.

Follow the Forum on Twitter: http://twitter.com/fsforum

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