For Immediate Release
Contact: John Doyle, (703) 447-1124

Financial Services Roundtable Chairman Tom Renyi Calls for
Better Financial Regulation at Capital Markets Summit

Washington, DC (March 26, 2008) – Tom Renyi, Executive Chairman of The Bank of New York Mellon and Chairman of The Financial Services Roundtable, called on Congress this morning to enact better regulation of financial services in the United States, saying the continued growth of the U.S. economy and future job creation depend upon it.

In his keynote address at the Second Annual Capital Markets Summit, Renyi introduced “The Better Regulation Act of 2008” – legislation drafted by the Roundtable designed to promote better, more effective, and better coordinated financial regulation. The legislation directly addresses the realities of our current financial crisis and the global competition that threatens U.S. leadership in financial services.

This draft bill has three, inter-related titles:

1. Better regulatory coordination. Title I expands and enhances the mission of the President’s Working Group on Financial Markets (PWG) to ensure that all regulators at the national and state levels are cooperating effectively and have an affirmative mandate to be more forward looking.

2. Principles-based regulation. Title II establishes a set of six over-arching Guiding Principles for all financial services providers and regulators that can act a “compass.” The first guiding principle is “treat consumers fairly.” Others address risk-based regulation, prudential supervision,
competitiveness, and management responsibilities.

3. Prudential supervision. Title III is designed to ensure the uniform
application of prudential supervision by all financial regulators. Prudential
supervision is defined as a form of regulation that encourages full compliance with rules and regulation based upon an open, ongoing, and constructive engagement between individual financial services firms and their regulators.

“This is not just an industry issue – it’s a national economic issue,” Renyi said. “It’s time to move from talking to taking action – with all the urgency the situation warrants. We can’t risk an avoidable market disruption any more than we can risk our position as the world leader in financial services. What’s at stake is nothing less than our future prosperity.”

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.

The Roundtable and the Housing Policy Council have partnered with other industry leaders to form HOPE NOW. HOPE NOW is an alliance between counselors, mortgage market participants, and mortgage servicers to create a unified, coordinated plan to reach and help as many homeowners as possible.

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