SIFMA Statement on Passage of Cybersecurity and Tax Provisions in Omnibus/Tax Extender Package

Release Date: December 18, 2015
Contact: Carol Danko, 202-962-7390, [email protected]

SIFMA Statement on Passage of Cybersecurity and Tax Provisions in Omnibus/Tax Extender Package

Washington, DC, December 18, 2015 – Today, SIFMA president and CEO Kenneth E. Bentsen, Jr. issued the following statement on the passage of the FY 2016 Omnibus Appropriations Act, which included the Cybersecurity Information Sharing Act (CISA), and the tax extenders package, which were voted on separately in the House and combined into one bill for Senate passage:

“We commend Congress for taking bipartisan action on the critically important issue of cybersecurity and moving forward, after years of effort, a voluntary, workable cyber threat information sharing bill to the President’s desk. Cyber threats posed by criminals, hacktavists, nation states and terrorists are among the most serious threats facing the financial services industry and our nation’s economic prosperity. SIFMA’s recent Quantum Dawn 3 cybersecurity exercise validated the importance of public-private information sharing in responding to a cyber attack that could disrupt confidence in the financial system and broader economy.”

“For more than a decade, SIFMA member firms and millions of Americans have faced the prospect of sharp and unexpected changes in after tax income caused by the expiration of key tax provisions. Theregular process of extending these tax provisions has become a distraction for lawmakers and business alike and the uncertainty surrounding the process has discouraged investment in key areas of the economy. There has been almost universal agreement that the process is wasteful, and SIFMA applauds Congressional leaders for establishing a more permanent tax policy baseline that will allow businesses and individuals to plan and invest with more confidence going forward. This is bound to increase United States economic growth.”