CONTACT: Brigid Richelieu
(202) 660-2569
brichelieu@fsforum.com
Washington, D.C. – Industry leaders, policy experts, and government officials gathered Monday for the inaugural Financial Services Forum Summit, featuring discussions on the future of banking, today’s global economy, regulation, the climate transition, and digital innovation.
For those who missed it, click below to see key moments from each panel. Full recordings of each panel are available here.
A Conversation with Nellie Liang
In a wide-ranging conversation with Forum President and CEO Kevin Fromer, Undersecretary of the Treasury for Domestic Finance, Nellie Liang, remarked on the need for a broad government strategy to address climate change, stating “it’s not something the financial sector can take on its own, but it’s important that it contributes to this.” Liang also observed that the pandemic served as a real-world stress test for banks and noted that “amidst all this, the banking sector has looked pretty resilient,” and that “the banking sector is showing itself, as it should be and can be, to be supporting the economy and supporting credit.”
The Future of Digital Assets and the Banking System Nexus
Securities and Exchange Commission Commissioner Hester Peirce, Cravath, Swaine & Moore’s David Portilla, and Citi’s Andres Wolberg-Stok commented on the rapid growth of digital assets and the need for regulatory clarity for banks to engage in this space and meet customer demand. “I am worried that the lack of regulatory clarity has actually resulted in less innovation in that space than there otherwise might have been,” Peirce said.
Climate Risk and Transition Policy
In a panel discussion on climate-related financial risks and the transition to a lower carbon economy, panelists Jonathan Fink from the Office of the Comptroller of the Currency, Mary Obasi from Bank of America, and Alison Hashmall from Debevoise & Plimpton discussed the benefits of scenario analysis as banks work to address climate-related financial risk.
Large Banks and the U.S. Economy
A distinguished group of former government regulators discussed lessons learned from the COVID-19 pandemic – including the need to address issues in the Treasury market and to adjust the calculation of bank leverage requirements. Panelists included the Brookings Institution’s Donald Kohn, Cravath, Swaine & Moore’s Jelena McWilliams, and Citi’s Nathan Sheets. “Fixing the Treasury market is very much unfinished business,” Kohn said.
Regulations and the U.S. Economy in a Time of Change
Focusing on the regulation of large bank capital and liquidity, New York University’s Richard Berner, Mayer Brown’s Andrew Olmem, and Ernst & Young’s Marc Saidenberg examined regulators’ lengthy to-do list, including addressing Basel 3 Finalization implementation, a review of liquidity regulations, non-bank financial intermediations well as other issues including climate and digital assets.
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The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.
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