The Securities Industry and Financial Markets Association (SIFMA) today released the following statement from SIFMA President and CEO Tim Ryan.
“We remain committed to enactment of responsible, bipartisan reform legislation that protects against systemic risk, ends the notion of ‘too big to fail,’ and heightens regulatory transparency of our financial institutions and markets. We support a number of these reforms that currently exist in the Senate legislation.
“Several key provisions, however, seriously undermine this legislation, and would ultimately negatively impact our financial markets and America’s economy. Specifically, we believe that the so-called Volcker rule, along with several provisions related to regulation of the derivatives market need to be addressed before final Senate passage.
“We urge the Senate to make these necessary changes to the legislation so to not unintentionally add risk to our system, undermine our regulator’s abilities to adequately oversee all markets and market participants, or put our financial institutions at a competitive disadvantage to foreign competitors.”