SIFMA today released the following statement by President and CEO Tim Ryan in response to Deputy Treasury Secretary Neal Wolin’s remarks at the Pew Charitable Trusts on implementation of the Dodd-Frank Act.
“Implementation of the Dodd-Frank Act is too important not to be done right for the sake of meeting arbitrary deadlines. SIFMA shares the same goal as Secretary Wolin: full implementation of the Dodd-Frank Act, so to bring greater clarity, oversight, and confidence to our markets and financial institutions that play a key role in America’s economic growth and job creation.
“Rushing to meet deadlines without proper thought, analysis and coordination amongst regulators will only result in a fragmented regulatory structure, regulatory arbitrage, and uncertainty in the market place, which would lead investors to withhold capital desperately needed to fuel economic growth. We also appreciate the review done by the Commodity Futures Trading Commission's Inspector General, which examines these issues.
“Let me be clear: we are not working to undermine Dodd-Frank. It is the law, and we are working diligently to provide regulators with the expertise and knowledge of those in the industry to get right the hundreds of new rules that are being written.”