Financial Services Roundtable – State of the Financial Services Industry

State of the Financial Services Industry – July 17, 2012. Focus on fortress balance sheets; too big to fail; the cumulative weight of new rules; and economic benefits of big banks

  • “The two-year anniversary of the Dodd-Frank Act is marked by a safer and stronger financial services industry. Capital is at a record high, lending is at pre-crisis levels, and the number of “problem banks” is rapidly decreasing. The risk profiles of individual firms have been reduced and systemic risk oversight is in place for the first time in history. These dramatic improvements are the result of industry initiative and financial regulatory reform. However, financial services companies (and the economy) have yet to face some of the most expensive costs coming from the Dodd-Frank Act. Nearly 70% of the rules have yet to be finalized. Many of the expected provisions carry significant economic consequences for the industry, consumers, and the economy. At this critical time in our nation’s economic recovery, we must preserve those parts of the Dodd-Frank Act that make our system safer and stronger, while re-examining the provisions and combination of provisions that needlessly restrict economic growth, limit credit, result in higher costs and reduced access to services for consumers, and make U.S. companies less competitive.”
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