Passage Of Industrial Bank Holding Company Act Of 2008 Pleases SIFMA

The Securities Industry and Financial Markets Association (SIFMA) today praised Chairman Dodd of the Senate Committee on Banking, Housing, and Urban Affairs for helping to pass “Industrial Bank Holding Company Act of 2008” out of committee.

“SIFMA applauds Chairman Dodd for taking action on this important piece of legislation,” said Scott DeFife, senior managing director for government affairs at SIFMA. “His resiliency and strong leadership provided the first step in preventing duplicative supervisory procedures for the financial services industry.”

“SIFMA fully supports the ability of regulated securities firms to continue to own industrial banks,” said DeFife. “These institutions allow SIFMA members to provide their customers important banking services with the same safety and soundness as other charter types.”

DeFife added, “This legislation recognizes the SEC as a consolidated supervised entity (CSE). One of the industry’s primary goals is to create more effective and efficient regulation. Ensuring that the SEC qualified as the oversight body for industrial banks owned by securities firms is another important step on this long road.”