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The Securities Industry and Financial Markets Association (SIFMA) today released the following statement from President and CEO Tim Ryan on the conclusion of the House-Senate conference on financial regulatory reform.
“Today marks the end of a year-long process by the Congress and Obama Administration to enact reforms and new regulation of the nation’s financial system. Much of this new law should help to restore and maintain confidence in U.S. financial markets, including several important provisions such as the establishment of a systemic risk regulator, resolution authority and a new federal fiduciary standard for retail investors. But this is a tough law that will also have profound effects on the operations and cost structure of most financial services companies and financial markets. As the Congress enacts this new law, the financial services industry will begin to implement the changes, while continuing to serve our clients, investors, companies and governments.”
