Release Date: January 28, 2014
Contact: Katrina Cavalli, 212.313.1181, email@example.com
SIFMA Statement on the State of the Union Address
Washington, D.C., January 28, 2014 - SIFMA today released the following statement from Kenneth E. Bentsen, Jr., president and CEO, on President Obama's State of the Union address:
"SIFMA appreciates the importance the Obama administration places on ensuring sound economic growth in our nation, as outlined in tonight's State of the Union address. The financial services industry is the key catalyst in driving economic growth and job creation.
"While SIFMA believes that the Administration and Congress must come together to resolve our serious fiscal imbalances, defaulting on the nation's obligations should not be an option for policymakers to consider. Even the suggestion of default calls into question our world leadership and inevitably leads to American taxpayers having to pay more to finance our debt, while limiting our capacity to grow.
"SIFMA supports the creation of the MyRA savings bond as mentioned in tonight's address as a tool to promote retirement savings. Given the vast numbers of baby boomers who reach retirement age every day, retirement savings incentives are needed more than ever to help people ensure their retirement security.
"SIFMA also applauds the President's commitment to cybersecurity as this is a top priority for the financial services industry, one that our members are dedicating significant resources to in order to protect clients and firms from this growing threat."
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.