SIFMA Comment on Trump Presidential Actions

Washington, DC, April 21, 2017 – SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, regarding recently-announced presidential actions:

Memo on FSOC Non-Bank SIFI Designation Process

“We support the President’s call for review of the NBFI SIFI designation process and the assessment of the potential risks related to such designations.  We believe this review will show what we have repeatedly stated: asset managers and their products and activities do not merit SIFI designation, because they do not – and cannot – transmit risk throughout the financial system.”

Memo on Orderly Liquidation Authority

“SIFMA has long supported a regulatory authority to wind down a failing financial institution and eliminate taxpayer bailouts. We believe the current Orderly Liquidation Authority largely accomplishes this goal, particularly with respect to cross-border resolution, yet stand ready to work with regulators and all stakeholders to evaluate possible enhancements that ensure taxpayers do not bear any future losses. For example, SIFMA has called for the addition of a new bankruptcy chapter for the resolution of SIFIs to supplement Title II of the Dodd-Frank Act.”

Executive Order on Tax Regulation

“We commend the Trump Administration for prioritizing a review of significant tax rules to ensure they are appropriately balanced and do not unnecessarily hinder economic growth that creates jobs.”

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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.