Press Release

 

Release Date: July 8, 2009
Contact:
Andrew DeSouza, (202) 962-7390, adesouza@sifma.org

SIFMA Supports Implementation of PPIP

New York, NY, July 8 2009— The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement from President and CEO Tim Ryan on the announcement relating to the securities portion of the Public-Private Investment Program (PPIP):

“We are pleased that Treasury is implementing the securities portion of the PPIP. Clearing troubled legacy assets off of banks' balance sheets is a positive step forward in our economic recovery. Selling these assets should improve the financial strength and the value of banks, which should free up the banks' ability to lend to consumers and small and large businesses at more normalized levels. If the purchases are open and transparent, which the industry has advocated for, it will also establish reliable market clearing prices and allow investors to know the true shape of banks' balance sheets. While the economy has shown recent signs of resilience, we continue to believe that the PPIP is an essential step to jumpstart the lending and securitization necessary to achieve a healthy economy.”

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The Securities Industry and Financial Markets Association brings together the shared interests of more than 600 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.

 

More SIFMA News

If you are a member of the media or have questions regarding SIFMA news and activities, please contact SIFMA Strategic Communications and Media Relations:

In Washington,

Andrew DeSouza
(ph) 202.962.7300
(fx) 202.962.7305

In New York,

Katrina Cavalli
(ph) 212.313.1181
(fx) 212.313.1126

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