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SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., EVP, Public Policy and Advocacy at SIFMA, on remarks made by Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corp. (FDIC), to the Federal Reserve Bank of Chicago Bank Structure Conference regarding the orderly resolution of systemically important financial institutions (SIFIs).
“SIFMA continues to believe that the establishment of an orderly resolution authority (OLA) is critically important for managing systemic risk and restoring faith and confidence in our financial system. We are encouraged that Acting Chairman Gruenberg has referenced the use of a bridge holding company as the most promising resolution strategy for SIFIs, which we believe is the best course forward for establishing an OLA that preserves going-concern value, avoids unnecessary value destruction and promotes financial stability. SIFMA remains committed to working productively with the FDIC on this issue and we look forward to reviewing this matter in more detail with our members.”
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.
