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Financial Services

The New England region has long been a center for the global financial services industry.

Many of the nation’s largest banking institutions and top financial services firms call New England home, and the financial services sector is integral to the region’s economic well-being. According to a report prepared by the Council in partnership with PwC in 2017, the New England region accounted for only 4.6% of the U.S. population in 2015, but contributed 6.2% of the nation’s direct financial services employment, 1.3 times more than its population share. In 2015, there were 375,460 direct jobs in the financial services industry, and the industry also supported 247,050 indirect and 390,020 induced jobs for a total contribution of jobs by the financial services industry of 1,012,510 in 2015–over 10% of total regional employment.

The New England Council’s Financial Services Committee includes many of the nation’s top financial services firms, along with a range of smaller entrepreneurial financial organizations. Members include life, health and property-casualty insurers; accounting firms; commercial and community banks; credit unions; investment and asset management firms, and other financial institutions.

In recent years, the Financial Services Committee has worked closely with the New England congressional delegation to promote policies that will enhance the viability of financial services as a critical regional economic driver. Several policy issues that the Committee has focused on include promoting retirement savings, regulation of the banking industry, insurance and liability policy, tax reform and financial technology development.

The Committee is co-chaired by Jim Febeo, Senior Vice President and Head of Government Relations at Fidelity Investments, and Ed Kenealy, Executive Vice President, Chief Public Affairs Officer at Liberty Mutual Insurance. Griffin Doherty is the NEC staff liaison to the Committee.

NEC Financial Services Committee Liason

Please contact Griffin Doherty.

 

NEC Urges Congress to Pass Retirement Savings Package

The New England Council has urged the region’s Senate delegation to support and advance a bipartisan retirement savings package that is currently before the chamber. The package, known as SECURE 2.0 would create more options and opportunities for New Englanders to plan for retirement.

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Financial Services Committee meets with Representative Jake Auchincloss

On September 13, 2022, The New England Council’s Financial Services Committee met with U.S. Representative Jake Auchincloss (D-MA) in Boston, following a Capitol Hill Report breakfast event. Rep. Auchincloss is currently the Vice Chair of the House Financial Services Committee and also serves as a member of the Committee’s Taskforce on Financial Technology.

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Featured Financial Services News
Read Article Mar 17, 2023Blog | Council News, Diversity & Inclusion, Financial Services

Eastern Bank announces Equity Alliance for Businesses

Read Article Mar 8, 2023Blog | Member News, Financial Services

John Hancock CEO Marianne Harrison To Retire, New CEO Named

Read Article Feb 23, 2023Blog | Member News, Financial Services

Fidelity hires 4,000 new employees

Read Article Feb 15, 2023Blog | Member News, Financial Services

Bank of America donates $500,000 to Nashua Center for the Arts

Read Article Feb 9, 2023Blog | Member News, Financial Services

Citizen’s Bank to sponsor House of Blues

View All News

Financial Services Committee Meeting - Banking Policy Update

A virtual discussion regarding recent developments in the banking industry and how Congress and the Biden Administration may respond to the recent week's activity. The meeting features presentations by two experts in financial services policy and regulation: Brian Gardner, Chief Washington Policy Strategist at Stifel Christopher A. Smith, President & Founder, Summit Global Strategies Brian and Chris have extensive experience on Capitol Hill and with the U.S. Department of Treasury, and shared their insights on the past week's developments and what to expect in terms of forthcoming regulations and legislation aimed at stability in the banking industry.

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