The Financial Services Roundtable--which counts among its members early TARP recipients like Bank of America and JPMorgan Chase--has already condemned the provision.
Among those scheduled to testify: the heads of the financial services industry groups, including the Financial Services Roundtable, the American Bankers Association and the Securities Industry and Financial Markets Association.
But banking-industry groups, including the American Bankers Association and the Financial Services Roundtable, oppose the measure, saying it would tempt students to rack up big debt that they won't repay.
WSJ: Student Loan Bankruptcy Fears Drive Congress to Rethink Law
"Competition among the regulators helps to create the best regulatory environment, " says Scott Talbott, a lobbyist with the Financial Services Roundtable, which represents industry heavyweights like JPMorgan Chase, Wells Fargo and Citigroup.
The American Bankers Association, the Financial Services Roundtable and the Consumer Bankers Association have gone to the Ninth Circuit Court of Appeals to try to stop a California law that restricts how they can use customer information.
Such an agreement would keep financial products and banks under the same regulator, a position supported by the Financial Services Roundtable, an industry group whose members include heavyweights like Bank of America, Citigroup and Nationwide.
Paul Leonard, vice president for Government Affairs of the Financial Services Roundtable's Housing Policy Council, says all of the discussion has given federal regulators more guidance to formulate their new statement on subprime lending, which will be finalized in May.
On Thursday, a coalition of 14 business organizations including the U.S. Chamber of Commerce, Financial Services Roundtable, Consumer Electronics Association and the Organization for International Investment sent a letter to members of Congress urging them to oppose the measure, saying it violates the current system of U.S. tax treaties.
All of this is great news for business groups, which were concerned that overzealous reform of the CFIUS review process might deter foreign investment in the U.S. A coalition of business groups, including the Financial Services Forum, the Business Roundtable, the Organization for International Investment and the U.S. Chamber of Commerce, roundly supported the measure passed Tuesday.
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