Release Date: April 19, 2011
Contact: Andrew DeSouza, 202.962.7390, email@example.com
SIFMA’s Ryan Response to Deputy Treasury Secretary Wolin’s Remarks on Dodd-Frank Implementation
Washington, DC, April 19, 2011–SIFMA today released the following statement by President and CEO Tim Ryan in response to Deputy Treasury Secretary Neal Wolin’s remarks at the Pew Charitable Trusts on implementation of the Dodd-Frank Act.
“Implementation of the Dodd-Frank Act is too important not to be done right for the sake of meeting arbitrary deadlines. SIFMA shares the same goal as Secretary Wolin: full implementation of the Dodd-Frank Act, so to bring greater clarity, oversight, and confidence to our markets and financial institutions that play a key role in America’s economic growth and job creation.
“Rushing to meet deadlines without proper thought, analysis and coordination amongst regulators will only result in a fragmented regulatory structure, regulatory arbitrage, and uncertainty in the market place, which would lead investors to withhold capital desperately needed to fuel economic growth. We also appreciate the review done by the Commodity Futures Trading Commission's Inspector General, which examines these issues.
“Let me be clear: we are not working to undermine Dodd-Frank. It is the law, and we are working diligently to provide regulators with the expertise and knowledge of those in the industry to get right the hundreds of new rules that are being written.”
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 http://www.sifma.org.