FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427

Roundtable President Argues for Strengthening Regulation of the Financial Services Industry

Washington, D.C.—July 15, 2009—Steve Bartlett, President and CEO of the Financial Services Roundtable, testified today before the House Financial Services Committee on “Banking Industry Perspectives on the Obama Administration’s Financial Regulatory Reform Proposal.” The Roundtable supports bold, systemic regulatory reform to strengthen the ability of the financial markets to serve consumers and support the economy.

Bartlett testified, “The Roundtable supports bold and comprehensive regulatory reform.  Strengthened consumer protection is a necessary and important component that should move forward in conjunction with, and not in lieu of, such reform.”  

The Roundtable favors enhanced consumer protection, but believes a separate consumer protection regulator is the wrong approach. In its current form, the legislation will have negative consequences for consumers, for sound financial institutions, and for our financial system. Bartlett suggested that strengthening existing prudential regulators with guiding principles who can regulate along with safety and soundness is the best approach for both consumers and the economy. Additionally, the Roundtable believes that the appointment of a Market Stability Regulator, such as the Federal Reserve, is necessary to review and identify systemic risk factors.

The Roundtable applauds the Administration’s thoughtful proposal and recommends a number of practical and important improvements to achieve a common objective: a strong and resilient financial system that not only complements full economic recovery in the short-run, but also sustained and stable economic growth in the future.

Bartlett concluded, “We need better, more effective regulation and a modern financial regulatory system that is unrivaled anywhere in the world. We deserve no less.”
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 $85.2 trillion in managed assets, $980 billion in revenue, and 2.3 million jobs.