Press Releases

Release Date: March 28, 2008
Contact:
Travis Larson, (202) 962-7357, tlarson@sifma.org

Treasury’s Regulatory Reform Plan ‘Thoughtful,’ ‘Sweeping,’ Says SIFMA  

Washington, D.C., March 28, 2008 – The Securities Industry and Financial Markets Association (SIFMA) today gave its preliminary reactions to the Treasury’s Department plan for financial services regulatory reform. 

"Treasury has delivered a thoughtful and sweeping plan which should provoke intense discussion, debate and potential legislative changes.  Our present regulatory framework was born of Depression era events and is not well suited for today's environment where billions of dollars race across the globe with the click of a mouse. That fact, teamed with the current market conditions, result in an universal agreement that it is time to modernize and revitalize the current system.  Treasury’s three step approach is very wise because it allows time for serious analysis, discussion and important choices. SIFMA, which represents global financial markets participants, intends to be an important player in this multi-year process,” said Tim Ryan, president & CEO of SIFMA.

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The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.