SIFMA issued the following statement from president and CEO Kenneth E. Bentsen, Jr. regarding today’s announcements by the Federal Reserve on data collection related to the Basel III capital proposal and comment submission deadline:
“We appreciate the Federal Reserve’s recognition of the importance of data collection and analysis in evaluating the impact of the proposed bank capital rules. However, given the data submission deadline is the same as the new comment submission deadline, stakeholders will not be able to use the data to thoughtfully inform comments, which is crucial. Failing to do so is a missed opportunity and will not correct the notable flaws with the process and the proposal that we identified in two recent letters to the agencies.”
Related recent submissions:
