FOR IMMEDIATE RELEASE 

CONTACT: ERICA HURTT, 202-457-8783

WASHINGTON, DC – Rob Nichols, President and COO of the Financial Services Forum, a non-partisan economic policy organization comprised of the CEOs of 18 of the largest financial services firms with business operations in the United States, issued the following statement on HR 4173: 

“The House of Representatives took an important step toward bringing much-needed reform and modernization to the U.S. financial supervisory framework with this legislation. Forum members are committed to the important task of creating an efficient and flexible 21st century regulatory framework that ensures the safety and soundness of financial institutions, and protects the interests of investors, depositors, and customers. A safe, sound, and efficient financial sector is critical to the health of the U.S. economy and job creation. 

“While we do have serious concerns about many of the provisions included in the legislation, there are many proposals Forum members support. Specifically, we encourage Congress to pass legislation that creates a systemic risk supervisor to oversee the financial system and resolution authority to end too-big-to-fail. 

“As financial regulatory reform moves forward, the Forum will continue to work with Congress in its effort to build a world-class supervisory framework that is flexible and responsive to the financial needs of American businesses and workers, that ensures safety and soundness, and promotes the innovative capacity and competitiveness of the U.S. capital marketplace.”

See the attached letter to Members of Congress ,which outlines the Forum’s priorities for regulatory reform.

The Financial Services Forum is a non-partisan financial and economic policy organization comprised of the CEOs of 18 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.

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