January 11, 2007

Pryce Poised to Impact Ohio’s
Financial Services Industries

WASHINGTON, DC – Congresswoman Deborah Pryce (R-Columbus) was selected to serve as the Ranking Member of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the House Financial Services Committee for the 110th Congress.  Additionally, she will serve as an active member of the Subcommittee on Financial Institutions and Consumer Credit.

“This is an honor for me and a great opportunity to help direct the policy that will impact the thousands of central Ohioans who work in these industries, as well as the growing number of Americans who now invest in capital markets,” said Pryce.  “ Columbus remains widely recognized nationally as a banking and insurance city, and through my seat on the Financial Services Committee, I am well positioned to ensure that these industries remain an integral part of our economy.”

During the 109th Congress, Pryce Chaired the Domestic and International Monetary (DIMP) Subcommittee, and was the fourth-ranking Member of the Financial Services Committee.  Pryce cited her time on DIMP as invaluable in understanding the nuances of international trade and finance, Federal Reserve Policy, and foreign investment in the United States.  “This macroeconomic background will serve me well, but my new role will undoubtedly have a greater impact on Ohio’s financial services industries and the consumers who utilize them,” Pryce said.

As the highest-ranking minority party member of the Subcommittee, Pryce’s new role will prove important to shaping legislation affecting Ohio’s massive insurance industries and burgeoning market of securities firms.  Central Ohio is home to the headquarters of Nationwide, Grange, State Auto, American Share Insurance and Safe Auto Insurance Companies, to many active credit unions and community banks, as well as to the more than 18,000 employees of JP Morgan Chase and Huntington Bancshares.

The Capital Markets Subcommittee oversees the Securities and Exchange Commission and self-regulatory organizations, such as the New York Stock Exchange, that polices securities trading.  Equally important, it reviews laws and programs related to American capital markets, insurance industries, and government-sponsored enterprises (GSEs), such as Fannie Mae and Freddie Mac.  This year, Congresswoman Pryce will have a leading role in legislating on terrorism risk insurance, oversight of GSEs, and oversight of Sarbanes-Oxley corporate accounting and auditing standards, among other issues.

Despite the retirement of Committee Chairman Mike Oxley (R-Oxley), Ohio will continue to wield much influence on the Financial Services Committee. In addition to Pryce’s leadership on Capital Markets, Congressman Paul Gillmor (R-Tiffin) will serve as Ranking Member of the Subcommittee on Financial Institutions and Consumer Credit, Congressman Steven C. LaTourette ( R-Concord Township) retains his senior membership status, and newly-elected Congressman Charlie Wilson (D-St. Clairsville) has secured a spot on the Committee.

Concurrently, Pryce is launching Congressional Services Caucus, which she will co chair.  The Caucus will focus on such services as financial, express delivery, telecommunications, information technology, audio visual, energy, transportation and professional services, which together account for 80% of US GDP and employment.  Locally, the concentration of financial services activities alone in Columbus is 26% higher than the national average, and insurance activities are 77% higher.

The Caucus will seek to educate Members on the importance of these services to our economy, to employment, to trade and investment, and to US competitiveness in the global economy, and will work to support trade policies and agreements that will expand foreign markets for US services suppliers.