WASHINGTON, D.C. – Financial Services Forum President Rob Nichols issued the following statement on President Obama's speech today on the financial crisis and regulatory reform efforts:

"The Forum commends President Obama for the emphasis he has placed on regulatory reform, and the steps his Administration has taken to stabilize financial markets, help borrowers, savers, and homeowners, and provide the 21st century framework of financial supervision needed to ensure the long-term stability, efficiency, and competitiveness of the U.S. capital marketplace.

"The President has made financial regulatory reform and modernization a priority of his Administration, and it is a goal shared by the Forum. Financial regulation reform was one of the Forum's first policy agenda items when the group organized in early 2000. Congress must not allow this unique opportunity to pass without achieving meaningful and comprehensive supervisory reform. The financial crisis and the economic turmoil it generated, has highlighted the importance of creating an efficient and flexible 21st century regulatory framework that will ensure the safety and soundness of financial institutions and protect the interests of consumers and investors.

"The United States cannot be a world-class economy without a world-class financial system. The financial sector is the cardiovascular system of the economy, providing the capital, credit, and other financial tools needed to start and grow businesses and create jobs."

"The Forum is committed to serving as a resource to the Obama Administration and Congress during this important process and applauds the President for his leadership on this critical issue."

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The Financial Services Forum is a non-partisan financial and economic policy organization comprised of the CEOs of 17 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.