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.
Trade (domestic/foreign) TRD
China - The Forum supports economic engagement with China to promote the liberalization of China's financial markets. 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 a U.S.-China Bilateral Investment Treaty that was announced at the latest round of the U.S.-China Strategic and Economic Dialogue. If the two countries are able to reach an agreement for the U.S. to gain 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 is very supportive of 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 supports financial services inclusion in TTIP.
| 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 open to create jobs, and attract 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 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 | — |
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. The Forum is supportive of H.R.1560, Protecting Cyber Networks Act and urges passage of the Senate companion bill, S.754, Cybersecurity Information Sharing Act of 2015
| Lobbyist | Covered position, as disclosed |
|---|---|
| JOHN DEARIE | — |
| NATHANIEL L. HOOPES | — |
Financial Institutions/Investments/Securities FIN
Financial Regulatory Reform and Modernization - The Forum supports policies that ensure the safety and soundness of financial institutions, promotes financial system stability, and protect the varied interests of depositors, consumers, and investors. The "Wall Street Reform and Consumer Protection Act" - The Forum supports financial regulatory reform that: 1) establishes resolution authority to end "too-big-to-fail"; 2) enhances consumer protections; 3) regulates over-the-counter derivatives; and, 4) provides for "systemic supervision" of the U.S. financial system. The Forum opposes legislation to preemptively dismantle or limit the activities of well-capitalized and well-managed financial institutions, haircuts on secured creditors to financial institutions in the course of a resolution, and 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 maintains that financial derivatives should be subject to prudential supervision and supports the establishment of a systemic risk supervisor to monitor, assess and address systemic risk, in continuous interaction with functional regulators to address any threats to the financial system, including in the derivatives markets. The Forum supports international coordination on derivatives regulations, and believes U.S. regulators should harmonize their views internally, and avoid confusion. 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. 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. Capital Market Competitiveness -- The Forum supports the free flow of capital and open and competitive U.S. markets. The Forum also supports maintaining the United States as an attractive place for investment and a continued leader in the global economy. Value of large financial institutions -- The Forum opposes legislative efforts to forcibly break up large diversified banking companies. The Forum is strongly of the view that an economy of the scale and complexity of the U.S. economy needs financial institutions of all kinds to meet a wide variety of financial needs. Each charter type, business model, and institution size helps to best serve the unique financial needs of particular businesses, households, consumers, savers, and investors. Community and regional banks provide essential support to a wide range of businesses and households within their communities. Similarly, large diversified institutions provide value particularly important to large, globally active U.S. corporations, and to the further development of foreign markets for U.S. goods and services - both of which contribute directly and importantly to economic growth and job creation here at home. The Forum encourages Congress to study the impact of the plan to reduce the rate on annual dividend payments that financial institutions receive on their shares in the Federal Reserve. The reduction in the dividend rate was used as an offset to the cost of reauthorizing the Highway Trust Fund. The Forum is of the view that Congress should ultimately find a more flexible solution that enables these companies to make more credit available to the real economy. The Forum supported the Reps. Neugebauer-Huizenga amendment to H.R. 22, the DRIVE Act, which would remove from H.R. 22 the harmful proposal to reduce the dividend paid on Federal Reserve stock that would have significant negative consequences on banks of all sizes across the country. The Forum supports H.R. 3738, The Office of Financial Research Accountability Act of 2015.
| 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 | — |
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.