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FOR IMMEDIATE RELEASE:                           CONTACT:  Erica Hurtt         

July 21, 2010                                                                (202) 457-8783

STATEMENT BY FORUM PRESIDENT ROB NICHOLS ON SIGNING OF FINANCIAL REFORM BILL

WASHINGTON, D.C. –  Financial Services Forum President and COO Rob Nichols released the following statement on passage of financial regulatory reform legislation:

"Since its inception in 2000, the 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.  

"The legislation signed today by President Obama includes provisions that will achieve a number of those goals, including the creation of a systemic risk council, a credible framework to wind down failing financial institutions of any size, enhanced prudential supervision, and the regulation of derivatives.

"The Forum will continue to work 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."

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The Financial Services Forum is a non-partisan financial and economic policy organization comprised of the CEOs of 19 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.