July 13, 2016

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FSR Applauds Administration’s New Policy To Prevent Countries From Impeding Free Flow of Data Needed for Financial Transactions

FSR Applauds Administration’s New Policy To Prevent Countries From Impeding Free Flow of Data Needed for Financial Transactions
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FOR IMMEDIATE RELEASE
July 13, 2016

Contact: Adam Rice
202-589-2410 | @fsroundtable
Adam.Rice@FSRoundtable.org

Contact: Alison Hawkins
202-589-2427 | @fsroundtable
Alison.Hawkins@FSRoundtable.org

FSR Applauds Administration’s New Policy To Prevent Countries From Impeding Free Flow of Data Needed for Financial Transactions

Urges Congress to Consider TPP As Soon as Possible

Washington, D.C.—The Financial Services Roundtable (FSR) released the following statement today, supporting the Administration’s new policy to prohibit countries from impeding the free flow of data needed for financial transactions and urging Congress to consider the Trans-Pacific Partnership (TPP) as soon as possible:

 “FSR supports the Administration’s new policy approach to ensure other countries are not allowed to impose ‘data localization’ requirements that would impede the free flow of  financial data needed for financial transactions.  We appreciate the key role Congress played to support the policy change as well as the inclusive process conducted by the U.S. Treasury Department and the Office of the U.S. Trade Representative to address concerns through enforceable commitments.  The introduction of the new policy in the Trade in Services Agreement and the Trans-Atlantic Trade and Investment Partnership negotiations this week is a welcome development. FSR looks forward to continuing to work with the Administration to effectively implement the new policy with respect to TPP partners and in other future agreements.”

 “Recognizing this positive policy change and TPP’s impact on jobs and the economy, FSR members urge Congress to move forward and consider the TPP agreement as soon as possible.”

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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 $54 trillion in managed assets, $1 trillion in revenue, and 2 million jobs. Learn more at FSRoundtable.org.