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PRESS RELEASE

For Immediate Release
Contact: John Doyle, (703) 447-1124

Roundtable Applauds House Financial Services Committee Chairman Frank, Sec. Paulson, Chairman Bernanke for Addressing Regulatory Reform

Washington, D.C. – July 10, 2008 – The Financial Services Roundtable applauds House Financial Services Committee Chairman Barney Frank (D-MA), Treasury Secretary Henry M. Paulson, Jr., and Federal Reserve Chairman Ben Bernanke for aggressively addressing the issue of financial regulatory reform.

Over the past 18 months, The Roundtable has identified several structural weaknesses in the U.S. system of financial regulation which have contributed to the recent turmoil in the nation’s financial markets. For example, our current regulatory structure lacks a common set of principles or objectives to guide financial regulators. Our rules-based system of regulation hampers the ability of regulators to respond to changes in market conditions. Our highly fragmented system, in which regulation is divided along functional lines and between state and federal authorities, creates gaps in consumer protection, and complicates the ability of regulators to coordinate and cooperate on supervisory policies.

We applaud Chairman Frank, Secretary Paulson and Chairman Bernanke for their leadership and for their willingness to tackle this complex issue during such a difficult time.

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 $66.1 trillion in managed assets, $1.1 trillion in revenue, and 2.5 million jobs.

The Roundtable and the Housing Policy Council have partnered with other industry leaders to form HOPE NOW. HOPE NOW is an alliance between counselors, mortgage market participants, and mortgage servicers to create a unified, coordinated plan to reach and help as many homeowners as possible.

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