November 13, 2017

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Financial Regulatory Modernization Bill Step in Right Direction

Today’s announcement shows Chairman Crapo and his bipartisan co-sponsors are working hard to improve the financial experience of consumers.

Financial Regulatory Modernization Bill Step in Right Direction
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Financial Regulatory Modernization Bill Step in Right Direction

 

WASHINGTON—A bipartisan regulatory modernization bill released today is a positive step in the process toward updating financial regulation that will better suit the modern economy, said the Financial Services Roundtable.

“This bipartisan effort is directionally positive as it seeks to modernize regulations while protecting consumers and driving economic growth,” said FSR CEO, Tim Pawlenty. “Today’s announcement shows Chairman Crapo and his bipartisan co-sponsors are working hard to improve the financial experience of consumers.”

FSR has long advocated that it is important to review the impact of Dodd-Frank and other financial regulations on banks of all sizes to ensure they are appropriately calibrated and are not unnecessarily holding back lending and impeding economic growth. Rescoping the companies subject to enhanced prudential standards  and tailoring those regulations appropriately must be a priority to drive U.S. economic competitiveness and opportunity.

While FSR supports shifting to a risk-based systemic designation framework rather than using arbitrary thresholds, this bipartisan legislation is an important step forward in reshaping the regulatory regime.  FSR will work with policymakers to find a path for improving regulatory requirements for institutions not addressed in today’s legislative agreement.  Doing so will appropriately address potential risks while optimizing economic growth and opportunity.

FSR looks forward to working with Congress in passing a bill that will both improve financial regulatory activity while ensuring customers can access the financial products and services they need.

 

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About The Author

The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment 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. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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