SIFMA Statement On Introduction Of Russia PNTR Legislation In Senate

SIFMA today released the following statement from President and CEO Tim Ryan after Senators Max Baucus (D-MT), John Thune (R-SD), John Kerry (D-MA) and John McCain (R-AZ) introduced legislation in the Senate to extend Permanent Normal Trade Relations (PNTR) to Russia.  Russia is expected to join the World Trade Organization (WTO) this summer.

“We applaud the Senators’ introduction of legislation to extend PNTR to Russia, which will provide important market access provisions, as well as broad scope of business protections for financial services firms operating in Russia. 

By granting Russia PNTR and repealing the Jackson-Vanik amendment to the Trade Act of 1974, the U.S. will receive all the benefits of Russia being in the WTO, including full access to the Russian market.

“The agreement would allow U.S. financial services firms to own 100 percent of a bank, broker dealer, or investment company. It would also allow U.S. financial services firms to own and trade a full range of securities, including state securities, bullion and new instruments once they are approved, and lead-manage Russian securities issuance,” Ryan added. “We urge Congress to move quickly and pass this legislation.”