FINANCIAL SERVICES FORUM for FINANCIAL SERVICES FORUM
What was lobbied
5 issue areas, each in the filer's own words, with who lobbied on it and where.
Financial Institutions/Investments/Securities FIN
Financial Regulation Reform and Modernization - The Forum supports policies that ensure the safety and soundness of financial institutions, promote financial system stability, and protect depositors, consumers, and investors. The Forum is actively engaged with the various financial regulators to ensure the effective implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Forum opposes legislation to preemptively dismantle well-capitalized and well-managed financial institutions, haircuts on secured creditors to financial institutions in the course of a resolution, or punitive taxes or levies on financial institutions. The U.S. economy, the world's largest and most diverse, needs financial institutions of all sizes and business models. Smaller institutions effectively serve the needs of certain aspects of our economy, while larger institutions serve the needs of other aspects. The unique value of large institutions includes the sheer size of credits they can deliver, the array of products and services they offer, and their geographic reach - capacities that smaller institutions simply dont share. Such size and scope-related capabilities are particularly important to globally active corporations and contribute directly to economic growth and job creation. Large banks, active in many countries across the world, also help integrate global stock, bond, and foreign exchange markets, making those markets more modern, liquid, and efficient. And large, globally active banks expand the supply of credit and other financial services to emerging market economies, making important contributions to the expansion of trade flows and opening foreign markets to U.S. goods and services. Derivatives are important tools that enable companies to minimize and manage their exposure to a wide range of risks, thereby freeing up vital capital for other uses. The Forum supports international coordination on derivatives regulation, and believes U.S. regulators should harmonize policies to avoid confusion. Capital Requirements - The Forum supports regulatory capital requirements that ensure safety, soundness, and systemic stability while not undermining lending that stimulates economic growth and job creation. The Forum is actively engaged with financial regulators to ensure the effective implementation of the Basel III capital and liquidity framework. The Forum generally supports efforts by the Federal Reserve to impose a total loss absorbing capacity (TLAC) requirement on the largest banking firms to make those firms more resilient and to facilitate orderly resolution. In mid-2016, the Forum joined other associations in writing a comment letter on the proposed TLAC rule to ensure that the details of the rule are appropriately calibrated to work effectively with the business models and capital structures of large banking institutions. The Forum supports the Federal Reserve utilizing its statutory authority under the Dodd-Frank Act to extend the date for the required sale of banks positions in illiquid funds to 2022. This would conform actual practice with the final rule that governs permitted bank investments in this investment category. The Forum supports Congress reviewing options to enhance the U.S. Bankruptcy Code in order to facilitate the orderly resolution of a failed financial institution. While there are many possible ways to achieve this goal, the Forum would support enactment of H.R. 2947, The Financial Institution Bankruptcy Act of 2016, and S.1841, Taxpayer Protection and Responsible Resolution Act. The Forum opposes the recommendation by the Federal Reserve, FDIC, and OCC that Congress should repeal the provisions of the Gramm-Leach-Bliley Act that permit merchant banking and related authorities. The Forum is of the view that the reasoning offered by the agencies for their recommendation is highly dubious and unpersuasive. Congress and regulators should conduct more robust analysis before moving forward. The Forum commends the House Financial Services Committee in addressing the important policy challenges of regulatory balance, ensuring financial stability, and ending too-big-to-fail. The Forum is supportive of a number of aspects of H.R.5983: The Financial CHOICE Act of 2016, including reducing unnecessary regulatory burden that undermines credit availability and economic growth, creating a credible and predictable bankruptcy regime for large financial institutions, and reassessing aspects of the Volcker Rule and debit card interchange fees. The CHOICE Acts focus on a 10 percent strict leverage ratio, however, risks overlooking the significant system-strengthening progress already made to date, as well as the reality that additional capital is not without costs or consequences.
| Lobbyist | Covered position, as disclosed |
|---|---|
| JOHN DEARIE | — |
| NATHANIEL L. HOOPES | — |
Trade (domestic/foreign) TRD
Economic Engagement, Trade, and Exports - The Forum supports promoting economic growth through international engagement, trade, and exports. The Forum supports China's continued liberalization of its currency policy and accelerated movement toward a market-determined value of the yuan. The Forum also urges faster and more comprehensive reform and modernization of China's financial system. A more modern and effective financial system is critically important to achieving China's goal of a more consumption-based Chinese economy - which is very much in the interest of the United States. According to the Commerce Department, every additional $1 billion in exports creates approximately 5,000 new American jobs. The Forum is very supportive of the U.S.-China Bilateral Investment Treaty. If the two countries are able to reach an agreement for the U.S. to achieve greater market access to China's economy-especially in the financial services sector - it would be a win-win for both countries, businesses and workers, as well as increase prospects for job creation and economic growth. The Forum supports the U.S.-EU Transatlantic Trade and Investment Partnership (TTIP), announced by President Obama during the 2013 State of the Union Address. If achieved, the agreement would be the most ambitious since the founding of the WTO - encompassing 28 nations, half of global input, and a third of all trade. The Forum also supports financial services inclusion in TTIP and believes that improving regulatory cooperation between the U.S. and EU must be a priority. The Forum urges the U.S. Treasury Department to work with its UK and EU counterparts to ensure a smooth and transparent Brexit transition process that minimizes the impact on global markets.
| Lobbyist | Covered position, as disclosed |
|---|---|
| JOHN DEARIE | — |
| NATHANIEL L. HOOPES | — |
Taxation/Internal Revenue Code TAX
Tax Policy - The Forum supports tax policy that keeps the U.S. economy competitive and attractive to foreign investment. The Forum believes that imposing taxes and fees on the financial sector will restrict the availability of credit, increase the tax burden on investors, and impede the ability of the financial sector to create jobs. The Forum supports strengthening the economy through tax policies that foster private savings and capital investment. The Forum supports maintaining the existing tax rates on dividends and capital gains. In keeping with our support for pro-growth tax reform, the Forum strongly opposes the White Houses proposal, which is included in The Presidents Fiscal Year 2016 Budget, that would impose a tax on the liabilities of U.S. financial firms.
| Lobbyist | Covered position, as disclosed |
|---|---|
| JOHN DEARIE | — |
| NATHANIEL L. HOOPES | — |
Government Issues GOV
The Forum is strongly of the view that Congress should work together to ensure the U.S. is able to meet all its financial obligations on time to ensure global confidence in our markets, currency, and political process. The Forum supports tackling comprehensive tax reform and the development of a long-term plan to address America's national debt, particularly entitlement spending.
| Lobbyist | Covered position, as disclosed |
|---|---|
| JOHN DEARIE | — |
| NATHANIEL L. HOOPES | — |
Homeland Security HOM
Cyber security: Cyber-crime and cyber-terrorism are mounting threats to U.S. business interests in the digital age. The Forum is of the view that the ability of businesses to actively cooperate by sharing information regarding the nature, origin, and severity of incoming threats is critical to defending commercial interests and the security of customer information. Businesses and corporations must have the information and technical tools necessary to collaborate with the public sector to address cyber risks.
| Lobbyist | Covered position, as disclosed |
|---|---|
| JOHN DEARIE | — |
| NATHANIEL L. HOOPES | — |
Shown as published by the Senate Office of Public Records and the House Clerk under the Lobbying Disclosure Act. The official filing is the record; open it for the full form.