The Securities Industry and Financial Markets Association's (SIFMA) president and CEO, Tim Ryan, today released the following statement after the Treasury officially announced it would undertake recapitalization:
"Treasury has again wisely expanded the tools available to address the current turmoil, which will reassure markets globally. Increasing the capital accessible to banks is necessary given the freeze in lending and the broader crisis in confidence. But in devising a program that is fair to U.S. taxpayers, government must be careful not to impose too steep a price on current equity holders, as they will eventually be relied upon to help recapitalize these same institutions.”
