Letters

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29November, 2011

On support for S. 1835 ‘The United States Covered Bond Act of 2011’

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Support letter to S. 1835 co-sponsors: "The Financial Services Forum, a non-partisan financial and economic policy organization comprised of the chief executives of 20 of the largest financial institutions operating in the United States, writes to express support for the bipartisan legislation, S. 1835, "The United States Covered Bond Act of 2011." We appreciate and share your goal of expanding access to capital for consumer credit, small businesses and households across the country. We believe this legislation, to create a legal framework surrounding covered bond issuance in the United States, will provide another tool to free up lending and investment in the critical small business sector so that we can see new starts and growth that lead to net new job creation."

4October, 2011

On opposition to S. 1619

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Forum Letter to President Obama: "The Financial Services Forum urges you to oppose S. 1619, the Currency Exchange Rate Oversight Reform Act, before it is considered by the 112th Congress.

While we support a move towards a market-determined yuan, we do not support legislative efforts to use antidumping and countervailing duties to address the currency issue. Unilateral action by the U.S. will only serve to increase trade tensions and negatively impact the U.S. economic recovery. We believe the long-term policy objectives of domestic job growth and a decrease in America's trade deficit will best be accomplished through increased market access to China's 1.3 billion consumers and financial sector reform."

4October, 2011

On support for H.R. 2930, H.R. 2940, H.R. 2167, and H.R. 1965

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Support Letter to HFSC Chairman Bachus on Access to Capital: "We write today to express our support for the pending bills H.R. 2930, H.R. 2940, H.R. 2167, and H.R. 1965, as well as Rep. Stephen Fincher' s Discussion Draft for the Capital Markets Subcommittee mark-up.

An often-repeated truism of the U.S. economy is that small businesses - generally defined as those with fewer than 500 employees - account for about 70 percent of net new job creation."

4October, 2011

On support for H.R. 2930, H.R. 2940, H.R. 2167, and H.R. 1965

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Support Letter to HFSC Ranking Member Frank on Access to Capital: "We write today to express our support for the pending bills H.R. 2930, H.R. 2940, H.R. 2167, and H.R. 1965, as well as Rep. Stephen Fincher's Discussion Draft for the Capital Markets Subcommittee mark-up.

An often-repeated truism of the U.S. economy is that small businesses - generally defined as those with fewer than 500 employees - account for about 70 percent of net new job creation."

22September, 2011

On opposition to Financial Transaction Tax

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Joint Financial Trade Letter to Treasury Secretary Geithner: "We wish to reiterate our strong opposition to the imposition of a financial transaction tax (“FTT”) in the United States, or other substitute form of the FTT, and urge you to continue to encourage other members of the G20 to resist pressures to adopt such proposals on a global basis. We are strongly supportive of the Administration's public opposition to such a tax - reinforced by reports of your restatement of opposition to the EU Finance Ministers this past weekend, and your 2009 statement that a “day-by-day financial transaction tax is not something we are prepared to support.” We are concerned, however, with the French and German effort to seek endorsement of such a tax through the G20 mechanism."

1August, 2011

On Bipartisan Agreement on Deficit Reduction/Debt Limit Increase Proposal

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Joint Financial Trade Letter to Congressional Leadership: "We thank the Members of Congress for their efforts which led to the bipartisan agreement on the deficit reduction/debt limit increase proposal and we commend both the House and the Senate for continuing congressional bipartisanship and compromise.

This agreement will help to strengthen our Nation's economy and provide the first steps toward a sustainable fiscal future. It is critical to enact this agreement now to ensure that the United States meets all of its financial obligations. Failure to take action will have grave consequences for American consumers, businesses and our economy."