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The Securities Industry and Financial Markets Association (SIFMA) today released the following statement from President and CEO T. Timothy Ryan, Jr. upon the House of Representatives passing the Wall Street Reform and Consumer Protection Act of 2009.
“Today’s vote is a significant milestone in reforming regulatory oversight of the financial markets. We applaud the House for their thorough and serious approach to developing this legislation over the last many months. Since the beginning of the financial crisis last year, SIFMA has been a leading advocate for meaningful regulatory reform.
“We continue to believe, however, that certain provisions in the legislation will undermine our shared goal of market stability and reducing systemic risk. In particular, the bill’s framework for resolving failing non-bank institutions contains too much uncertainty for investors and creditors. Furthermore, the adoption of the so-called Miller-Moore amendment authorizing the FDIC to impose a ten percent hair cut on secured creditors will undermine the credit markets and would increase systemic risk.
“While we may disagree on certain policy details, there is no doubt that the industry shares the same goal of reforming our financial system as President Obama and the Congress. We stand committed to further constructive engagement on these issues as the legislative process moves forward."
