FOR IMMEDIATE RELEASE:
February 26, 2014
Laena Fallon, (202) 457-8783
WASHINGTON, DC – Financial Services Forum President and CEO Rob Nichols issued the following statement regarding the tax reform discussion draft released today by House Ways and Means Committee Chairman Dave Camp (R-MI):
“The Forum supports pro-growth, comprehensive tax reform and we thank Chairman Camp for his efforts on this front. However, in keeping with our support for pro-growth reform, we strongly oppose the new lending tax on financial institutions that is included in the Chairman’s proposal. Such a tax will hurt economic growth and job creation by increasing the cost of capital for American families and business, and undermining U.S. global financial competitiveness. Furthermore, a tax that singles out one specific industry is utterly inconsistent with the fundamental goals of tax reform to lower rates, broaden the base, and remove industry specific treatments.
“We strongly urge policymakers to reject this arbitrary lending tax and instead place their focus on achieving pro-growth tax reform with policies that increase economic growth and expand access to sound lending and credit.”
The Financial Services Forum is a non-partisan financial and economic policy organization comprising 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.