The Government Accountability Office’s released a report yesterday backing a point the financial services industry has been making for years: the Financial Stability Oversight Council needs to open up about the process it uses to determine whether to label insurance companies, finance companies, asset managers, and other non-bank financial companies as “systemically important” and to subject them to bank-centric regulations established by the Federal Reserve.
FOR IMMEDIATE RELEASE
March 11, 2014
Washington, D.C. — The reform principles and agreement released today by Senate Banking Committee Chairman, Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) are a needed bipartisan step in the right direction. Financial Services Roundtable (FSR) released the following statement today:
“The government housing finance monopoly should end and the reform principles and agreement announced today are a positive step towards needed reform,” said Tim Pawlenty, CEO of FSR. “We are pleased these principles and agreement reflect key reforms FSR has been advocating for, including a smooth transition to replacing the GSES with the private market participants and better protection for taxpayers. The time for reform is long overdue and we hope the broad, bipartisan support for the principles and agreement unveiled today helps propel action by the Senate. FSR looks forward to seeing a full bill from Senators Johnson and Crapo.”
Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, 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. Roundtable member companies provide fuel for America’s economic engine, accounting directly for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. For more information, visit FSRoundtable.org.