The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement regarding the Bush Administration’s economic stimulus package.
“With our economy on the ropes, SIFMA welcomes the President’s efforts to rejuvenate the country during an economic downturn,” said Richard Hunt, senior managing director of government affairs at SIFMA. “The President has laid out a roadmap that will restore confidence in the economy and hopefully stem the tide of an approaching recession. It’s important that both the Bush Administration and Congress work in a bi-partisan fashion to assist all Americans caught up in this financial crisis.”
“As the Administration and Congress explore options to jump start the economy – especially the housing sector, SIFMA is suggesting changes to the Mortgage Revenue Bond program, which will enhance the flexibility and capacity of state and local governments,” said Scott DeFife, senior managing director of government affairs at SIFMA. “Tax-exempt qualified mortgage revenue bonds are an important tool to finance low-cost mortgage loans for low- and moderate income families. We look forward to working with Congress and the Administration on these and other mortgage issues.”
Hunt added, “SIFMA applauds the President’s call to make the 2001 and 2003 tax cuts permanent – especially the capital gains and dividends tax rate. During the economic downturn of 2003, the President worked with Congress to reduce the maximum tax rate on capital gains and dividends to 15 percent. This tax rate produced substantial and immediate economic benefits that have resulted in sustained economic growth and job creation. Making these tax rates permanent is a necessary component to bring certainty and stability to the markets.”