FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427
Financial Services Industry Reports: Both a Data Source and A Source for Efficiencies
Washington, D.C.—February 25, 2011—In a letter to the President, 17 regulatory agencies and Chairman Issa, the Roundtable encouraged policymakers to take steps to streamline the more than 185 annual reports financial institutions regularly file with regulators. The Roundtable surveyed its membership to gather the list of over annual 185 reports. The Financial Services Roundtable commends the Administration’s leadership in facilitating economic growth, particularly its pledge to lift unnecessary regulatory burdens that impede growth and the creation of jobs. We believe the list of annual reports is an area ripe for review under the Administration's directive.
Additionally, the Roundtable urges regulators to begin research projects, where appropriate, with these existing annual reports.
“The current financial reporting process is a prime example of a duplicative, and often unnecessary, burden on businesses,” said Steve Bartlett, President and CEO for the Roundtable, "and for any new research projects, regulators should use, as much as possible, existing reports. Additionally, we hope that agencies will work to ensure that the new reports as a result of Dodd-Frank law and regulatory landscape, are not repetitive or duplicative.”
The survey of over 185 reports that financial institutions report annually can be found online at: http://www.fsround.org/hyperlink/FinancialReports-Finalasof0215.pdf
The 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.