SIFMA issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on U.S. implementation of the Basel III Endgame, following a speech today from Federal Reserve Vice Chair for Supervision Michael Barr announcing regulators’ plan to re-propose:
“We commend the agencies for recognizing the need for both ‘broad and material revisions’ and further public comment and analysis, and we look forward to reviewing the re-proposal in detail. The original proposal received an unprecedented volume of comments raised by a diverse group of stakeholders. SIFMA has long argued that any policy changes must recognize the role of our capital markets, the deepest, most liquid and efficient, as a core component of the broader U.S. economy. Any re-proposal should make substantial improvements to market risk proposals and should be considered with the existing stress testing requirements.”
