The Financial Services Forum recently forwarded correspondence to the Financial Stability Board (FSB) regarding the effects of reforms agreed by the G-20 following the global “too-big-to-fail” financial crisis.
The Forum maintains the post-crisis regulatory reforms implemented have been successful in addressing systemic and moral hazard risks and policymakers should continue to work to improve efficiency, promote economic growth and create level playing fields within the global financial system.
“U.S. regulators and Forum member institutions have served as a model for the rest of the world, leading the charge in adopting and implementing the post-crisis financial reforms that reflect the goals and objectives of the G-20,” Kevin Fromer, Forum president and CEO, said. “The Financial Stability Board (FSB) is rightly reexamining the impact of these regulations and has a real opportunity to improve efficiency in a way that will foster growth without undermining the significant progress that has been made over the past decade.”
The Forum believes the FSB should lead the way in facilitating international coordination, determining improved international coordination would support the successful and cost-effective resolution of a large, international banking organization, avoid inefficiency in reform efforts and create a level international playing field for banks with cross-border operations.
Financial Services Forum officials said the organization is an economic policy and advocacy group whose members are the chief executive officers of the eight largest and most diversified financial institutions in America.
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