FOR IMMEDIATE RELEASE
February 10, 2017
FSR Announces 2017 Priorities
Urges Modernizing Financial Regulation to Grow the Economy, Create Jobs, and Protect Taxpayers and Consumers
WASHINGTON, D.C. – The Financial Services Roundtable (FSR) today unveiled its 2017 legislative priorities with a focus on modernizing financial regulation to help create opportunity and grow the economy.
“FSR’s members finance the American economy and modernizing our regulatory system will help create greater financial opportunity for all Americans,” said FSR CEO Tim Pawlenty.
Fixing a Broken Tax System
FSR will judge any tax reform against these standards:
· Does it encourage economic growth?
· Does it reduce corporate income tax rates?
· Does it reduce taxes on individuals?
· Does it encourage Americans to save for retirement?
· Does it reduce tax-driven economic distortions?
FSR supports removing arbitrary thresholds and basing regulatory standards on actual risk to reduce red tape and free-up resources to spur needed investment and job growth.
Protecting Consumers and Businesses from Cybersecurity Threats
The financial sector leads all business sectors in efforts to combat cybersecurity threats. FSR supports harmonizing regulations so attention and resources can be focused on ensuring our financial infrastructure is secure while fostering innovation and economic growth.
Repealing the Durbin Amendment
FSR supports repealing the Durbin Amendment, which imposes federal government price controls on the processing of debit card purchases
Supporting the Convergence of Finance and Technology and a Dynamic Payments System
FSR members embrace the convergence of financial services and technology—FinTech—and are actively engaged in partnerships with technology providers to meet changing consumer expectations.
The CFPB has a major impact on consumers, financial institutions and the broader economy. FSR supports needed reforms including granting Congress oversight over the CFPB budget and creating a board to make key decisions rather than have them made by a single individual.
Personal Financial Security
FSR supports expanding access to retirement savings for all by simplifying regulations that discourage small businesses from offering retirement savings plans to their employees. FSR supports a single best interest standard for personalized advice to consumers, regardless of the type of account involved. FSR believes the federal government should preserve and expand incentives for retirement and other savings.
Re-Building our Housing Finance System
FSR supports housing finance reform that transitions the GSEs from government conservatorship to a system that features more private capital while preserving the popular 30-year fixed-rate mortgage.
Protecting Our Homes from Floods
FSR will promote the long-term reauthorization of the National Flood Insurance Program (NFIP) to create certainty in the marketplace and protect consumers from flood disasters. This reauthorization should increase the take-up rate, enhance the consumer experience and expand private offerings and consumer choice.
Protecting Innovation by Reforming the Patent System
FSR advocates for patent reform that makes litigation more efficient and equitable, increases transparency and enhances patent quality.
Growing the US Economy and Creating Jobs Through Exports
FSR supports trade that is both free and fair, lowers barriers, drives economic investment, job creation, and increases access to affordable goods and services.
Managing Risk Through a Vibrant Insurance Sector
Certain insurance-related issues require a limited federal role—such as terrorism risk insurance, uniform registration standards and fair tax treatment. FSR will work to ensure the role of the federal government recognizes the industry’s unique structure and business standards.
· Cybersecurity Regulatory Harmonization
· Cyber Incident Response: Implement Lessons Learned from Exercises and Incidents
· Invest Further in Financial Services-Supporting Infrastructure and Risk-Based Cyber R&D
· Development of International Cyber Norms and Bilateral Treaties for Cyber Criminal Extraditions
· Create a Constructive Policy Environment for Blockchain Development and Implementation
· Workforce Development of Cybersecurity
· Emerging Technologies
· Housing Finance Reform
· FHFA/GSE Policies and Reforms
· Mortgage Regulation and Legislation
· FHA Reform
· Innovation and Technology
· Military Consumer Lending and Veterans Affairs
To view the full list of FSR’s 2017 priorities, click here.
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. Learn more at FSRoundtable.org.