SIFMA Sees Parallels In Geithner And Industry Calls For Regulation

The Securities Industry and Financial Markets Association’s (SIFMA) head of global advocacy, Michael Paese, today released the following statement after Treasury testified on the need for financial regulatory reform:

“Secretary Geithner today called for a broad range of financial service industry regulatory reforms, including the creation of a systemic risk regulator, eliminating gaps in our regulatory structure, protection of consumers and investors, additional international coordination and resolution authority for non-banks. SIFMA has been advocating for many of the same reforms in its Congressional testimony and looks forward to the development of specific legislation by Treasury and Congress which, if executed correctly, will restore confidence to our markets and build a 21^st Century financial system.”

SIFMA’s March, 2009 testimony can be found here http://www.sifma.org/legislative/testimony/pdf/Ryan-03-17-2009.pdf

And, testimony from October, 2008 can be found here http://www.sifma.org/legislative/testimony/pdf/Tim-Ryan-Testimony-102108.pdf