January 23, 2018

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FSR Urges New Fed Chair to Modernize Regulatory System 

America’s banking and payments industry congratulates Jerome Powell on his confirmation as Fed Chair. We look forward to working with the Fed’s new leadership to review its role in financial regulation and better modernize the system to safely boost economic growth.

FSR Urges New Fed Chair to Modernize Regulatory System 
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FSR Urges New Fed Chair to Modernize Regulatory System 

Outlines 2018 policy priorities for Federal Reserve Board 

 

WASHINGTON – Following the Senate’s confirmation of Jerome Powell as Chairman of the Federal Reserve Board, the Financial Services Roundtable (FSR) outlined policy priorities the Fed should address to modernize the financial regulatory system.

“America’s banking and payments industry congratulates Jerome Powell on his confirmation as Fed Chair. We look forward to working with the Fed’s new leadership to review its role in financial regulation and better modernize the system to safely boost economic growth,” said FSR CEO Tim Pawlenty.

FSR believes improvements to the CCAR and stress testing process, Current Expected Credit Loss (CECL) implementation, Board of Director guidance, resolution planning, better tailoring of regulatory thresholds, and innovation through FinTech should be top priorities for the Federal Reserve Board in 2018.

 

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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 $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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