SIFMA Statement on House Financial Services Committee Passage of HR 4790

Washington, DC, March 21, 2018 – Kenneth E. Bentsen, Jr. President & CEO of SIFMA released the following statement today regarding passage of H.R. 4790, the Volcker Rule Regulatory Harmonization Act by the House Financial Services Committee, which would designate the Federal Reserve Board as the lead regulator for the Volcker Rule with all rulemaking and interpretive authority.

“This bipartisan legislation appropriately provides for consistent implementation of the Volcker rule and resolves the problem of having five different regulators opining on the same issue. As Congress considers revisions to financial regulation, this bill will provide greater certainty to market participants to the benefit of investors, capital formation and economic growth.”

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SIFMA is the voice of the U.S. securities industry. We represent the broker-dealers, banks and asset managers whose nearly 1 million employees provide access to the capital markets, raising over $2.5 trillion for businesses and municipalities in the U.S., serving clients with over $18.5 trillion in assets and managing more than $67 trillion in assets for individual and institutional clients including mutual funds and retirement plans. 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.