Press Release

Release Date: October 3, 2008
Contact:
Travis Larson, (202) 962-7357, tlarson@sifma.org

SIFMA Congratulates House on Approval of EESA

Washington, D.C., October 3, 2008 – The Securities Industry and Financial Markets Association’s (SIFMA) president and CEO, Tim Ryan, today released the following statement after the House passed of the Emergency Economic Stabilization Act (EESA) of 2008:

"This was the right decision for Congress, for our economy and for every American whose life is inextricably linked to the credit markets through their home loans, car loans, student loans or their place of work. This plan will help restore the flow of credit - the lifeblood of our economy.

“We expect a broad range of financial service firms to participate in the program. Once mechanisms to sell illiquid assets to the government are established, we believe liquidity and credit availability will significantly improve.

“We believe this bill contains the right mix of taxpayer protection and the necessary government oversight.

“SIFMA congratulates Congress for taking this important step to restore confidence and liquidity in the financial markets. We anxiously await the President's signature on this bill."

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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.

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