June 8, 2017

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FSR: House Passage of CHOICE Act Advances Economic Growth and Regulatory Modernization Initiatives

The House has taken the lead in efforts to modernize the financial regulatory system to advance the goal of boosting the economy without sacrificing important consumer and taxpayer protections. We look forward to working with Congress to get many of the provisions in the CHOICE Act to the President’s desk.

FSR: House Passage of CHOICE Act Advances Economic Growth and Regulatory Modernization Initiatives
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FSR: House Passage of CHOICE Act Advances Economic Growth and Regulatory Modernization Initiatives

 

WASHINGTON – The Financial Services Roundtable (FSR) today called House passage of the Financial CHOICE Act an important step to advancing needed reforms to modernize the financial regulatory system in ways that promote greater economic growth while better protecting consumers.

“The House has taken the lead in efforts to modernize the financial regulatory system to advance the goal of boosting the economy without sacrificing important consumer and taxpayer protections,” said FSR CEO Tim Pawlenty. “We look forward to working with Congress to get many of the provisions in the CHOICE Act to the President’s desk.”

FSR also offered its perspectives on the CHOICE Act in a letter to Speaker Ryan and Leader Pelosi. In its letter, FSR expressed support for key provisions of the bill including reforms to the Financial Stability Oversight Council (FSOC) designation authority, regulatory tailoring to enhance prudential standards, transparency and accountability measures at financial regulatory agencies, retirement security improvements, reforms to increase small and medium-size business lending, and refinements to the Volcker Rule.

FSR again urged Congress to continue efforts to repeal government-imposed price controls related to the “Durbin Amendment” to ensure Americans have access to innovative and convenient payment methods without government picking winners and losers.

On June 15th, FSR will host an event featuring Congressman Blaine Luetkemeyer (R-MO) as well as industry and policy thought leaders to discuss financial regulation and what to expect next from the Trump Administration and Congress.

 

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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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