SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president, in response to the final Volcker Rule:
"SIFMA remains concerned that an overly restrictive Volcker Rule will inflict serious harm on our nation's economy and American savers. It is imperative that the final Volcker Rule does not unnecessarily restrict market making or a firm's ability to hedge risks in the effort to clearly define prohibited proprietary trading activities.
"As the rule is contained in a 900 page document, SIFMA will review the final document in detail with our members and provide further comments. It is important to remember that SIFMA member firms have already taken steps to prepare for implementation of the Volcker Rule. Many firms have been working to meet the spirit and purpose of the Rule by curtailing activities that would be clearly prohibited proprietary trading. Additionally, firms have begun the process of reducing positions in entities that are clearly a private equity fund or hedge fund. "