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Steve Bartlett Lauds Congress for Unprecedented Action in Implementing EESA

Washington D.C.—November 18, 2008—Steve Bartlett, President and CEO, The Financial Services Roundtable today commended Congress for the implementation of the Emergency Economic Stabilization Act of 2008 (EESA), in testimony before the House Committee on Financial Services.

“The EESA was an unprecedented intervention by the Congress and the Administration to restore liquidity and stability to the U.S. financial system, and thereby promote economic growth,” said Bartlett.

“Collectively, these actions have started to thaw frozen credit markets, and limited the scope of the financial crisis. We have seen a decline in key interest rates, such as the London Interbank Offered Rate (“LIBOR”), which is linked to many consumer and business loans. Mortgage interest rates have stabilized, although they remain at a very high level. The run on money market funds and individual banks has stopped. In sum, we are making progress,” he testified.

Additionally, Bartlett assured the Committee that Roundtable member companies are continuing to lend to qualified buyers, and that current analysis of lending data indicates that banks are extending credit, and actually increasing credit to qualified buyers— those with good credit risks.

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $66.1 trillion in managed assets, $1.1 trillion in revenue, and 2.5 million jobs.

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