Letters

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16July, 2015

Joint Bank Trades Letter Opposing Senate Proposal to Reduce Federal Reserve Dividend

Joint Banking Trade Letter: "The undersigned banking trade associations, representing financial institutions of all sizes, are writing to express our strong opposition to a proposal that is being considered to offset funding to reauthorize the Highway Trust Fund. In fact, this proposal would, for the first time since the creation of the Federal Reserve and without any analysis or study of any kind, reduce the dividend that the Federal Reserve pays on the stock that banks are required to hold as members of the Federal Reserve System."

13April, 2015

Forum, Joint Financial Trades Letter Supports S.754: ‘Cybersecurity Information Sharing Act of 2015’

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Letter sent to Senate Leadership: “The threat of cyber-attacks is a real and omnipresent danger to our sector and to other critical infrastructure providers that we, and the nation as a whole, rely upon. The financial services industry is dedicated to improving our capacity to protect customers and their sensitive information but as it stands today, our laws do not do enough to foster information sharing and establish clear lines of communication with the various government agencies responsible for cybersecurity. CISA will strengthen the nation’s ability to defend against cyber-attacks and better protect all Americans by encouraging the business community and the government to quickly and effectively share critical information about these threats while ensuring privacy.”

26February, 2014

On Opposition to Lending Tax in Tax Reform Proposal

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Joint Trade Letter to House Ways and Means Committee Chairman Dave Camp: "The undersigned organizations and institutions represent the economic and commercial interests of hundreds of thousands of businesses, small and large, from all sectors of the economy, employing tens of millions of American workers. We strongly support your goal to achieve comprehensive tax reform and thank you for your efforts to date. However, in keeping with our support for pro-growth tax reform, we write to strongly oppose the imposition of any arbitrary new tax on financial institutions. A targeted tax on financial institutions, regardless of form or motivation, is misguided and utterly at odds with the fundamental objective of comprehensive tax reform. The assessment will penalize customers, employees, and investors, increase the cost of capital for American businesses, and undermine the competitiveness of America’s financial sector -- all of which will adversely impact economic growth and job creation."

30January, 2014

On Increasing the Debt Limit

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Joint Trade Letter to Members of Congress: "While we firmly believe that the time is long overdue for the Administration and the Congress to come together and develop long-term solutions to our very real fiscal challenges, defaulting on the nation’s debt obligations should not be an option for policymakers to consider. Should the President and Congress fail to work together and raise the debt limit in a timely fashion, the Treasury will be unable to meet government obligations coming due which would trigger a series of events that would inevitably lead to American taxpayers paying more to finance our debt. Even a short-term failure to fulfill our obligations would seriously impair market operations and could have significant consequences to our fragile economic recovery. When Congress last debated this matter in the fall of 2013, markets clearly signaled the potential negative affects through increased interest rates and weakened investor demand for U.S. assets.

30July, 2013

On support for H.R. 2052, the “Global Investment in American Jobs Act of 2013”

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Joint Trade Letter to House Leadership: "As organizations committed to promoting open investment policy at home and abroad, we write in support of H.R. 2052, the “Global Investment in American Jobs Act of 2013,” legislation to enhance our nation’s efforts to attract global business investment.

Introduced by Representatives Terry (R-NE), Schakowsky (D-IL), Roskam (R-IL) and Barrow (D-GA), the “Global Investment in American Jobs Act” is bicameral and bipartisan legislation aimed at improving America's ability to attract job-creating foreign direct investment (FDI) from businesses around the world. H.R. 2052 has the support of a broad range of cosponsors who understand that investment from around the globe is important to every state and region across this country. As a result, H.R. 2052 was unanimously approved by the Energy and Commerce Committee on July 17, 2013. The House of Representatives passed similar legislation during the 112th Congress with strong bipartisan support."

18October, 2012

On Addressing the Fiscal Cliff

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Forum CEO Letter to President Obama and Members of Congress: "We write today to urge you to work together to reach a bipartisan agreement to avoid the approaching "fiscal cliff," and take concrete steps to restore the United States' long-term fiscal footing. The consequences of inaction - for stability in global financial markets, for economic growth, for millions of Americans still without work, and for the financial circumstances of American businesses and households - would be very grave."