FOR IMMEDIATE RELEASE
CONTACT: Julia Lawless, (202) 457-8766
WASHINGTON, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement today regarding the Federal Reserve’s Financial Stability Report:
“Today’s report highlights the strength of our nation’s financial system and underscores the significant progress that has been made over the past decade by America’s large financial institutions. Strong capital and liquidity positions coupled with regulatory and supervisory changes have enhanced the safety and soundness of U.S. banks, ensuring they are equipped to serve consumers, businesses, and communities across the country – even in the face of an economic downturn. The resilience of our banking system is the result of substantial effort and investment by policymakers, regulators, and our institutions to achieve the shared goal of financial stability. We must continue to pursue effective policies that will further preserve this strong footing and promote continued economic growth.”
Today the Federal Reserve issued its inaugural Financial Stability Report, which provides an overview of the health of the U.S. financial system. Specifically, the report noted, “The banking sector is resilient…as evidenced by high levels of capital and liquidity.”
Forum member institutions, alone, have more than doubled their liquid assets since 2010; increased their capital by 40 percent from nine years ago to $900 billion; and simplified their corporate structures.
To learn more about how large U.S. financial institutions are safe and sound and supporting the economy click here.
The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.