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Financial Regulatory Reform

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By Administrator

New Rules of the Road for the Financial Sector  

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Global Engagement

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America's economic prosperity depends on active engagement with the global economy.

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Competitive Tax Rates

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Competitive tax rates fuel economic growth and job creation.

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Engagement with China

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The U.S.-China economic relationship is the most important bilateral relationship in the world today.  

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Economic Value of Large Financial Institutions

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Large financial institutions provide significant value to the U.S. economy and American investors, business owners, and savers.

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July 28, 2011

 

 

The President of the United States

The White House

Washington, DC 20500

 

Members of the United States Congress

United States Capitol

Washington, DC 20510

 

Dear Mr. President and Members of Congress,

We write to you today to urge you to act this week to reach an agreement that will ensure that our Nation continues to meet all of its financial obligations, and that will entail meaningful and concrete steps to put our Nation on a sound fiscal footing.  The consequences of inaction – for our economy, the already struggling job market, the financial circumstances of American businesses and families, and for America’s global economic leadership – would be very grave.

Our economic recovery remains very fragile.  A default on our Nation’s obligations, or a downgrade of America’s credit rating, would be a tremendous blow to business and investor confidence – raising interest rates for everyone who borrows, undermining the value of the Dollar, and roiling stock and bond markets – and, therefore, dramatically worsening our Nation’s already difficult economic circumstances.  Given this very real risk, policymakers must correct our fiscal course now, inspire market confidence by paying all of our bills on time, and demonstrate that America is a democracy capable of putting differences aside to solve our most challenging problems.

A credible and predictable path forward, entailing tough decisions on the budget, will create the needed environment for businesses and entrepreneurs to start, grow, innovate, and create high quality jobs for Americans, now and in generations to come.

We strongly urge you to reach an agreement this week.

 

Respectfully,

 

 

Thomas J. Wilson

Chairman, President and CEO

Allstate Insurance Company

 

Brian Moynihan

Chief Executive Officer

Bank of America

 

Robert Kelly

Chairman and CEO

BNY Mellon

 

Vikram S. Pandit

Chief Executive Officer

Citigroup, Inc.

 

Jim Weddle

Managing Partner

Edward Jones

 

Lloyd C. Blankfein

Chairman and CEO

Goldman Sachs

 

James Dimon

Chairman and CEO

JPMorgan Chase & Co.

 

Steven A. Kandarian

President and CEO

MetLife, Inc.

 

James P. Gorman

President and CEO

Morgan Stanley

 

John R. Strangfeld
Chairman and CEO

Prudential Financial, Inc.

 

Joseph L. Hooley

Chairman, President and CEO

State Street Corporation

 

Richard K. Davis

Chairman, President and CEO

US Bancorp

 

John G. Stumpf

Chairman and CEO

Wells Fargo & Company

 

Robert S. Nichols

President and CEO

Financial Services Forum

 

The Financial Services Forum is a non-partisan financial and economic policy organization comprising the CEOs 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.

As a group, the Forum’s member institutions employ more than 2 million people.

Press Inquiries

For press inquiries please contact:

Laena Fallon

Vice President for Communications

This email address is being protected from spambots. You need JavaScript enabled to view it.

Phone: (202) 457-8783

 

Jen Scungio

Senior Associate for Communications & Social Media

This email address is being protected from spambots. You need JavaScript enabled to view it.

Phone: (202) 457-8759

Twitter

fsforum RT @petejryan: Recent research lends credence to @ForumPrez argument that the #TBTF phenomenon is fading http://t.co/UmkQymEr9I
fsforum Financial trades push back on commodities crackdown http://t.co/px3uzcwo1d via @hillsonthemoney
fsforum Forum,@SIFMA @ABABankingNews @FSRoundtable @IIBnews send comment letter on bank involvement in commodities activities http://t.co/mmIE3lQDf3

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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.