SIFMA, Joint Trades Letter to Federal Chair Powell on Costs of Higher Capital

Washington, D.C. – SIFMA joined the Bank Policy Institute, American Bankers Association, Financial Services Forum and the Institute of International Bankers late yesterday submitted a letter to Federal Reserve Chair Jerome Powell expressing concern about a forthcoming proposal to implement the Basel agreement of 2017. The associations urged the Federal Reserve to adopt a 120-day comment period to allow the public to calculate the costs of the proposal.

“We would strongly urge you to allow a 120-day comment period on the proposed rule,” the trades said in the letter. “This rule will have a profound effect on the U.S. banking system and U.S. capital markets. This will have a direct impact on the ability and cost of businesses and individuals to obtain credit and capital and manage business risks. It merits careful consideration.”

To read the full letter, click here.

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).