Indeed, without insurance, no ships would sail, no trucks or trains would roll, no planes would fly – at least not anywhere on the scale we see today. Banks provide financing for everything from corporate real estate development, to opening a small business, to buying a home or a car, and to funding a college education. E-commerce would be impossible without credit cards and payments systems to clear transactions. The financial services industry helps parents save for their children’s tuition, provides capital for new businesses to open on main street and allows workers to save for their retirement.
New England plays an outsized role in the financial services industry. 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.
In recent years, the Financial Services Committee has worked closely with the New England congressional delegation, especially those in high-ranking positions on the key committees of jurisdiction in the U.S. House and Senate, to promote policies that will enhance the viability of financial services as a critical regional economic driver. Some examples of recent advocacy and programming are detailed below. For more information about the New England Council Financial Services Committee, please contact Griffin Doherty.
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