Release Date: September 12, 2010
Contact: Andrew DeSouza, (202) 962-7390, email@example.com
SIFMA CEO Tim Ryan Statement on Basel Committee Announcement
New York, NY, September 12, 2010 - The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement by President and CEO Tim Ryan commenting on the announcement issued today by the Basel Committee:
"Today's announcement by the Basel Committee will result in a more robust capital and liquidity regime for the global financial system. The Committee's proposals appear to move in the same direction as the requirements enacted into law by the Dodd-Frank Act, while providing a reasonable time frame for implementation. Yet we believe a number of issues must be resolved if these proposals are to support stability without constraining the supply of capital which is essential to support economic growth and job creation. These new rules will have a large economic impact when fully implemented. So, it is critical that they be implemented with consideration to providing stability and confidence to financial system without limiting long term economic growth."
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