FOR IMMEDIATE RELEASE: July 20, 2015
CONTACT: Laena Fallon, (202) 457-8783
WASHINGTON, D.C. – Financial Services Forum President and CEO Rob Nichols issued the following statement ahead of the five-year anniversary of “The Dodd-Frank Wall Street Reform and Consumer Protection Act”:
“Over the past five years, through legislative, regulatory, and industry-initiated changes, significant improvements have been made to strengthen the U.S. financial system. Bank capital and liquidity have more than doubled to record levels, leverage has been reduced, risk management procedures and methodologies have been improved, compensation structures have been reformed to align incentives with the safety and soundness of the institution, and large financial institutions are less complex. Annual stress tests show that large financial institutions can withstand a crisis far worse than 2008, and the largest firms have developed ‘living wills’ to guide an orderly wind-down in the event of a crisis without putting taxpayer money at risk. We remain committed to working to ensure the financial sector is strong, transparent, and able to provide necessary capital to boost the U.S. economy and American jobs.”
The Financial Services Forum is a non-partisan financial and economic policy organization comprised of the CEOs of 18 of the largest and most diversified financial services institutions doing business in the United States. The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy.