FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427
Roundtable Statement on Basel Report
Washington, D.C.—September 12, 2010—In response to the Basel report on capital issued today, the Financial Services Roundtable encourages a deliberate and balanced dialogue as the rule making process on setting capital levels begins. The Roundtable supports strengthening capital, but this must be measured against helping the economy. Every dollar of capital is one less dollar working in the economy.
"It is imperative that capital requirements do not weaken banks' ability to assist in the economic recovery," said Steve Bartlett, President and CEO for the Financial Services Roundtable.
In addition to Basel's requirements, US banking regulators must implement the changes in capital contemplated under Dodd-Frank.
"These two changes must be carefully coordinated so that economy recovers as quickly as possible."
The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.
Roundtable member companies provide fuel for America's economic engine, accounting directly for $74.7 trillion in managed assets, $1.1 trillion in revenue, and 2.3 million jobs.