October 12, 2017

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FSR Praises Financial Services Committee Passage of Bills to Drive Economic Growth

These bills will help modernize and tailor the financial regulatory system to better serve Americans and drive more robust economic growth here at home.

FSR Praises Financial Services Committee Passage of Bills to Drive Economic Growth
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FSR Praises Financial Services Committee Passage of Bills to Drive Economic Growth

 

WASHINGTON – The Financial Services Roundtable (FSR) today praised the House Financial Services Committee for its leadership and passage of bills to optimize the regulatory system to maintain safety and soundness while driving economic growth.

“These bills will help modernize and tailor the financial regulatory system to better serve Americans and drive more robust economic growth here at home,” said FSR’s Head of Government Affairs Anthony Cimino.

Earlier this week, FSR sent letters of support to the Committee highlighting many of the bills under consideration.

In a letter to Rep. Luetkemeyer (R-MO), FSR outlined its support for his Systemic Risk Designation Improvement Act of 2017 (H.R. 3312). This bipartisan legislation would change the current designation method of supervision for banks by replacing the $50 billion asset threshold with business activity standards to determine an institution’s systemic risk.

Additionally, FSR supports Rep. Wagner’s (R-MO) Protecting Advice for Small Savers Act of 2017 (H.R. 3857). This bill would better protect America’s retirement savers by repealing the overly burdensome Department of Labor (DoL) fiduciary rule and establish a best-interest standard for broker-dealers under rulemaking at the Securities and Exchange Commission (SEC).

In a letter to Chairman Hensarling and Ranking Member Waters, FSR thanked the Committee for its continued worked to advance legislation supporting a more effective, innovative and resilient financial sector. To view the letter and additional legislation of note, click here.

FSR looks forward to working with the Committee and members of Congress to move these bills to the President’s desk.

 

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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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