The Financial Services Roundtable, a group that represents services companies with members accounting for $92.7 trillion in managed assets, has a few questions it would like to pose to the presidential candidates. It wants them to detail their plans “on how they will increase transparency, modernize, and better coordinate the financial regulatory process.”
“As technology advances, the federal government should look at how regulatory changes could improve access to credit for qualified buyers, increase financial inclusion, and provide better direction to financial institutions,” FSR Executive Director Eric Hoplin said in a statement. “We call on the presidential candidates to lay out their plans on how they will make the federal government more transparent while modernizing our existing laws to increase innovation and better serve and protect consumers.”
The questions posed to Democrat Hillary Clinton and Republican Donald Trump:
What is your view on how to judge the effectiveness of U.S. financial regulators?
Federal financial regulatory authority is currently split between nine different agencies. How would you ensure these agencies collaborate effectively while also ensuring innovation and investment isn’t stifled? What should happen when regulatory agencies issue conflicting requirements? Should steps be taken to streamline financial regulations or the agencies that administer them?
Would you consider enhancing transparency and reforming other issues with the SIFI (systemically important financial institution) designation process for financial institutions? If so, what would you do?
How can we ensure that new financial regulations are fair to smaller institutions?
What is you view on how regulators should interact with foreign regulators? How deferential should U.S. representatives be to outside interests when they participate in multi-national organizations such as the Basel Committee on Banking Supervision or the International Association of Insurance Supervisors?
Which regulations might you consider modernizing and how would you direct regulatory agencies to make reforms and/or how would you work with Congress to get them done?
What steps should regulators take to ensure that regulations don’t restrict credit to qualified buyers and avoid unintended consequences?
What will you do to foster expanded cyber-defense collaboration across US Government departments and agencies?
What steps will you take to ensure that cyber-threat information the US Government learns from its sensitive or classified sources is made available to network owners and operators in US critical infrastructure in a transparent and expeditious fashion?
Do you believe the Consumer Financial Protection Bureau would be more transparent and effective as a single director or a commission and why? How will you direct the CFPB to balance protecting consumers while keeping access to needed financial products available to consumers across the financial spectrum?
FSR is engaging the candidates on regulatory transparency and modernization as a part of its 2016 Presidential Focus Series, an advocacy initiative to highlight issues it hopes the presidential candidates will focus on as they campaign for the presidency.