Release Date: January 21, 2010
Contact: Andrew DeSouza, (202) 962-7390, email@example.com
SIFMA's Ryan Statement on Obama Bank Proposals
Washington, DC, January 21, 2010-The Securities Industry and Financial Markets Association (SIFMA) today released the following statement from President and CEO Tim Ryan in response to President Obama's proposals to limit the size and activities of financial institutions.
"As we have said many times, our industry agrees with President Obama on the need for responsible reforms that end 'too big to fail' and protect against systemic risk.
"Like the President proposed last year, we continue to believe the best way of achieving those goals is to establish a tough, competent and accountable systemic risk regulator. We believe providing for strengthened regulatory oversight and flexibility like that originally proposed by the Administration, as opposed to arbitrary restrictions on growth and activities, is a more effective way of mitigating systemic risk and ending 'too big to fail'.
"A modernized regulatory structure remains our highest priority, to best protect our economy and our financial system while ensuring financial institutions can safely and effectively finance America's economic recovery and job creation."
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit www.sifma.org.