Financial Services Roundtable

Financial Services Roundtable
Unknown authorUnknown author · Public domain · source
Name	Financial Services Roundtable
Headquarters	Washington, D.C.
Region served	United States
Leader title	CEO
Leader name	Richard Hunt

Financial Services Roundtable is a trade association that represents the interests of the financial services industry in the United States. The organization was founded in 1993 by a group of CEOs from major financial institutions, including American Express, Bank of America, and JPMorgan Chase. The Financial Services Roundtable is headquartered in Washington, D.C. and has a membership that includes many of the largest and most influential financial institutions in the country, such as Citigroup, Wells Fargo, and Goldman Sachs. The organization is led by CEO Richard Hunt, who previously served as the president and CEO of the Consumer Bankers Association.

● History

The Financial Services Roundtable was established in 1993, during a period of significant change and deregulation in the financial services industry, with the passage of the Gramm-Leach-Bliley Act and the repeal of the Glass-Steagall Act. The organization's founding members included Hugh McColl, the CEO of Bank of America, and Sandy Weill, the CEO of Travelers Group. The Financial Services Roundtable quickly became a major player in financial services policy debates, working closely with lawmakers and regulators such as Alan Greenspan, the chairman of the Federal Reserve, and Robert Rubin, the United States Secretary of the Treasury. The organization has also worked with other industry groups, such as the Securities Industry and Financial Markets Association and the American Bankers Association, to promote the interests of the financial services industry.

● Membership

The Financial Services Roundtable has a membership that includes over 100 of the largest and most influential financial institutions in the United States, such as Morgan Stanley, U.S. Bancorp, and State Street Corporation. The organization's members include banks, insurance companies, securities firms, and other types of financial institutions, such as Fannie Mae and Freddie Mac. The Financial Services Roundtable also has a number of associate members, including law firms such as Skadden, Arps, Slate, Meagher & Flom and Kirkland & Ellis, and consulting firms such as McKinsey & Company and Boston Consulting Group. The organization's members are represented by a number of prominent CEOs, including Jamie Dimon of JPMorgan Chase, Michael Corbat of Citigroup, and Tim Sloan of Wells Fargo.

● Policy Initiatives

The Financial Services Roundtable is actively engaged in a number of policy initiatives, including efforts to promote financial regulatory reform and to enhance cybersecurity in the financial services industry. The organization has worked closely with lawmakers and regulators to shape the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and has also been a leading voice in the debate over tax reform and its impact on the financial services industry. The Financial Services Roundtable has also worked with other industry groups, such as the Financial Planning Association and the National Association of Insurance Commissioners, to promote the interests of financial advisors and insurance companies. The organization has also been a strong supporter of the Trans-Pacific Partnership and other free trade agreements, and has worked with the U.S. Chamber of Commerce and the National Foreign Trade Council to promote the interests of export-oriented industries.

● Leadership and Governance

The Financial Services Roundtable is led by CEO Richard Hunt, who has been a prominent figure in financial services policy debates for many years. The organization's board of directors includes a number of prominent CEOs from the financial services industry, including Brian Moynihan of Bank of America and Lloyd Blankfein of Goldman Sachs. The Financial Services Roundtable also has a number of committees and working groups, including a cybersecurity committee and a regulatory reform committee, which are chaired by prominent industry leaders such as James Gorman of Morgan Stanley and Michael Neal of General Electric. The organization is headquartered in Washington, D.C. and has a staff of experienced professionals with expertise in financial services policy and government relations.

● Criticisms and Controversies

The Financial Services Roundtable has faced criticism and controversy over the years, particularly with regard to its role in shaping financial regulatory reform and its impact on the financial services industry. The organization has been criticized by some for its close ties to Wall Street and its perceived influence over financial services policy debates, with critics such as Elizabeth Warren and Bernie Sanders arguing that the organization prioritizes the interests of large financial institutions over those of consumers and small businesses. The Financial Services Roundtable has also faced criticism for its stance on issues such as tax reform and trade policy, with some arguing that the organization's positions are too closely aligned with the interests of large corporations such as Apple and Microsoft. Despite these criticisms, the Financial Services Roundtable remains a major player in financial services policy debates, and continues to work closely with lawmakers and regulators such as the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission. Category:Financial services