Release Date: April 22, 2013
Contact: Andrew DeSouza, 202.962.7390, email@example.com
SIFMA Statement on Marketplace Fairness Act
Washington, D.C., April 22, 2013—SIFMA today released the following statement from Acting President and CEO Kenneth E. Bentsen, Jr. ahead of Senate consideration of the Marketplace Fairness Act.
“We believe the impact of this legislation on trade in services has not been adequately explored by Congress. The bill could lead to unexpected costs being passed on to consumers of financial services, including sales taxes on services or state-level stock transaction taxes.
“We continue to oppose any kind of financial transaction tax as they are, essentially, a sales tax on investors. Such levies are simply passed onto ordinary retail investors and retirees, reducing the incentive to save, and distorting capital markets. We urge Congress to hold hearings on the impact of this legislation on the national market for trade in services, including financial services, before moving forward.”
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.