Washington, D.C. – The 17 chief executive officers of the Financial Services Forum today released a set of principles for modernization and reform of the U.S. financial supervisory framework. The principles (attached) are the product of a Forum task force created last fall in response to recent concerns about the effectiveness of the current regulatory structure.

"Modernization and reform of the financial supervisory framework has been a priority for the Forum since its inception," said Forum Chairman and MetLife Chairman, President & CEO Rob Henrikson. "The current economic turmoil has generated renewed focus on the important task of creating an efficient and flexible 21st century regulatory framework, while ensuring the safety and soundness of financial institutions and protecting the interests of stakeholders."

"The Forum is committed to serving as a resource to the Obama Administration and Congress during this important process," said Forum task force chairman and Bank of New York Mellon Chairman and CEO Bob Kelly. "We hope the principles released today will lead to a positive and productive dialogue on an issue that will impact the industry for many years to come."

The Forum has shared the principles with President Obama and his team of economic advisers, Congressional leadership, and other interested parties.

"In recent months, key policymakers have encouraged the Forum and its membership to contribute to this dialogue," said Forum President and COO Rob Nichols. "We look forward to working with members of Congress and the Administration on this issue of vital importance to our financial sector and the overall economy."

The Forum's task force now will focus on developing these principles in connection with the ongoing regulatory reform dialogue.

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.