FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427

Roundtable Supports Effective, Bold Regulatory Reform

Washington, D.C.—September 14, 2009— The Financial Services Roundtable supports the President’s call today for financial reform for this year. Bold, effective and comprehensive reform is long overdue.

“While there will be differences on specifics of how to best improve the regulatory structure, it is imperative that we take action in a timely manner,” said Steve Bartlett, President and CEO for the Roundtable.

The Roundtable supports the President’s goals to establish a systemic risk regulator and a failure resolution authority, but opposes the creation of a separate consumer protection agency.

“The better answer to consumer protection is to amend the charters of the existing prudential regulators, giving consumer protection parity with safety and soundness regulation,” Bartlett said.

Scott Talbott, Senior Vice President for Government Affairs attended the speech in New York.

“The industry is committed to working with regulators and Congress to find the most effective way to modernize the regulatory system to prevent this from happening again,” Talbott said.

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 $84.7 trillion in managed assets, $948 billion in revenue, and 2.3 million jobs.