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The Securities Industry and Financial Markets Association’s (SIFMA) president and CEO, Tim Ryan, today issued the following statement on the Public-Private Investment Program:
“This is a tremendously positive step toward implementing the Troubled Assets Relief Program as originally intended. Clearing toxic assets off of banks' balance sheets is an essential first step if we are to turn the corner on this recession. Selling these assets will improve the financial strength and the value of banks, which will free up the banks' ability to lend to consumers and small and large businesses at more normalized levels.
“With consumer spending representing a significant portion of the American economy, this action will be an important catalyst in our economic recovery. In addition, consideration of how to balance the need for taxpayer protection is an essential component of the program. We support the inclusion of reasonable safeguards. To ensure the broadest investor participation we strongly encourage policymakers to clearly outline all terms that will apply to participants going forward.
"We applaud the U.S. Treasury for implementing a program that will strengthen our banking system, improve the flow of consumer credit and restart our stalled economy."
