WASHINGTON, DC—April 22, 2013—The Financial Services Roundtable is urging Congress to hold hearings on the Marketplace Fairness Act to ensure legislators, the industry and the public understand the full impact of the proposed legislation.
Scott Talbott, Senior Vice President of Public Policy for the Roundtable, said, “This legislation has the potential for unintended consequences. It’s important for Congress to explore all the possible outcomes and costs of the proposal, especially the impact on consumers.
“A transaction tax on financial services products will hurt retail investors, retired Americans, and small businesses, effectively making it more expensive for them to invest and plan for the long-term. Without hearings, these implications and others will not be properly addressed.”
The Financial Services Roundtable represents 100 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 $98.4 trillion in managed assets, $1.1 trillion in revenue, and 2.4 million jobs.
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