SIFMA Statement On Volcker Rule Comment Period Extension

SIFMA today released the following statement from Kenneth E. Bentsen, Jr., executive vice president, public policy and advocacy, in response to an announcement by the Federal Reserve, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Office of the Comptroller of the Currency that they will extend the deadline for comments on proposed regulations implementing the Volcker Rule.

“Today’s announcement that regulators will extend the comment period will allow commentators sufficient time to adequately address a very complex rule proposal that includes nearly 1,400 questions. This extension also allows commentators the time to provide regulators with the necessary information to ensure crafting a rule that does not unnecessarily impede liquidity in capital and credit markets at the expense of capital formation and economic growth. We also appreciate the regulators’ approach to this extension, which will facilitate better coordination with the CFTC as they look to publish their own proposal in the near future. We thank the regulators for recognizing the complex nature of this rulemaking and look forward to continuing to work with them as they seek to implement this rule and the many others mandated by Dodd-Frank.”