Several economic policy organizations exist across the world. One of them is the Financial Service Forum, which is made up of chief executive officers who manage the top eight largest banks in the United States. Would you like to learn more about the Financial Services Forum? If so, we recommend you continue to read this article.
The Financial Services Forum Members
The Financial Services Forum consists of CEOs of BNY Mellon, Bank of America, Citigroup, Wells Fargo, Morgan Stanley, State Street, JPMorgan Chase, and Goldman Sachs.
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These financial institutions control more than 50% of the US banking sector. Per data on the Financial Services Forum, most Americans borrow loans from the eight companies, which are considered by the Federal Reserve as “too big to fail.”
The members of the forum are very influential and intend to use their power to advocate for economic growth that improves the lives of Americans and businesses.
The Mission of the Financial Services Forum
Here are some of the objectives the Financial Services Forum Seeks to Achieve:
Financial Stability
All the eight banks that form the Financial Services Forum run their businesses under stipulated regulations formulated by the US regulators. For example, these financial institutions must adhere to rules related to liquidity and capital reserves to ensure they are able to withstand potential financial shocks.
While the Financial Service Forum members support a legal framework that helps banks remain financially stable, they are against stringent rules that give foreign competitors an edge.
Climate Change
The Financial Services Forum seeks to foster collaborations between governments and banks to address the numerous risks posed by climate change to the economy.
Diversity, Inclusion, and Equity
The Financial Services Forum members believe advocating for diversity can help create a more inclusive and sustainable economy. Moreover, the members supported the proposal, requiring public companies to reveal the race, gender, and ethnicity of their senior executives and board members.
Economic Support
The Financial Services Forum supports policies that economically benefit Americans and businesses across the United States. For instance, the forum has been advocating for policies that improve market liquidity while ensuring consumers are protected and that big banks have enough resources to fuel the economy under any circumstance.
Accomplishments of the Financial Services Forum
The eight companies that make up the Financial Services Forum are key players in the American economy as they create jobs, support businesses, and invest in people. Here are some of their achievements through the forum:
COVID-19 Response
In 2020, the Financial Services Forum members donated significant sums of money to organizations that aimed to address the COVID-19 impact on food security, healthcare, and education. Moreover, the forum allowed over one million small companies to access loans to keep their business afloat during the pandemic.
Notably, the eight banks waived specific fees and allowed their customers to defer loan repayments without impacting their credit scores.
Supporting Underserved Communities
The Financial Services Forum has made its mission to support communities that are underserved by various financial players. The forum members have continued to support several local programs that aim to offer more economic opportunities in underserved communities.
Promoting Inclusion and Diversity
The forum members promote inclusion and diversity in their companies. According to data on the forum’s website, each organization has established inclusion and diversity leadership roles.
The Financial Services Forum Summits
Each year, the Financial Services Forum organizes a summit that brings together policy experts, government officials, and financial sector leaders to discuss various pressing issues, such as climate change, digital innovations, and banking regulations. Unfortunately, there are no details on the forum’s website about the 2024 summit as of this writing.
Who is the President of the Financial Services Forum in 2024?
As of June 2024, Kevin Fromer is the Financial Services Forum president. Before his current position, he was HSBC’s executive vice president and had previously worked as Assistant Secretary of the Treasury for Legislative Affairs.