Financial Services Forum President and CEO Rob Nichols appeared on CNBC's "Closing Bell" on April 25th where he discussed bank regulation, the safety and soundness improvements made within the financial sector, and the important role banks of all sizes play in the U.S. economy.
Financial Services Forum President and CEO Rob Nichols recently appeared on CNBC's "Squawk Box," where he discussed the ongoing implementation of Dodd-Frank and the financial services industry's involvement to help spur economic growth.
The Financial Services Forum, the Financial Services Roundtable, The Clearing House, Securities Industry and Financial Markets Association, and the American Bankers Association, recently released a policy brief in response to questionable assertions of a "taxpayer subsidy" to large banks.
Financial Services Forum President and CEO Rob Nichols recently authored an op-ed featured in The Dallas Morning News that discussed the economic value of large financial institutions and why they shouldn’t be broken up.
In a recent speech, Federal Reserve Board Governor Jerome Powell discussed how regulators are moving forward to implement portions of the Dodd-Frank Act that were designed to eliminate the notion of "too big to fail." He shared a pragmatic perspective about the effectiveness of the Orderly Liquidation Authority and other legal capabilities, as living wills, included in Dodd-Frank to ensure that taxpayers will never again be asked to bail out a failing institution. ForumBlog highlights excerpts from his speech.
Rob Nichols, President and CEO of the Financial Services Forum, released a statement following comments by Dallas Federal Reserve President Richard Fisher – among others – on large financial institutions.
An op-ed written by Forum President and CEO Rob Nichols was featured in Bloomberg Brief that called for the policy debate on banking reform to include a discussion of the unique and significant value that large banks bring to the economy. Below is an excerpt and link to the full op-ed:
“Remaining a global leader requires a supervision and regulatory framework that ensures that our financial system is effective and innovative, yet also more stable and resilient. U.S. regulators have worked hard to respond to the recent financial crisis in ways that preserve those essential features of leadership. Further out we will have a sharper sense of the impacts, costs, and unintended consequences of the new regulatory architecture. But, in the near term, it’s critical to keep in mind what’s at stake.
"Deep, liquid, efficient capital markets allow companies to raise capital quickly and cheaply, and provide investors a wide variety of investment alternatives at low cost — all of which promotes faster economic growth and job creation. Global financial leadership is an advantage our nation has worked hard to achieve, and is a competitive asset we must work hard to preserve. Over the course of our nation’s history, we have experienced financial problems, but we’ve worked hard to fix them.
"Global financial leadership also requires a robust system that includes financial institutions of all sizes, business models, and areas of expertise. The U.S. economy is the world’s largest and most diverse and requires an equally diverse financial system. Smaller institutions effectively serve the needs of certain aspects of our economy, while larger institutions serve the needs of other aspects.
"The unique value of large institutions includes the sheer size of credits they can deliver, the array of products and services they offer, and their geographic reach – capacities that smaller institutions simply don’t share. Such size and scope-related capabilities are particularly important to globally active corporations and contribute directly to economic growth and job creation. Large banks, active in many countries across the world, also help integrate global stock, bond, and foreign exchange markets, making those markets more modern, liquid, and efficient. And large, globally active banks expand the supply of credit and other financial services to emerging market economies, making important contributions to the expansion of trade flows and opening foreign markets to U.S. goods and services.”
The Financial Services Forum is a non-partisan financial and economic policy organization comprising the CEOs of 19 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.