Not yet a member?Join now!|Lost password
SIFMA - Securities Industry and Financial Markets Association
09/19/2012 | Press release
SIFMA Applauds Bi-partisan House Passage of Rep. Dold Muni Advisor Legislation
distributed by noodls on 09/19/2012 21:13
Release Date: September 19, 2012
Contact: Andrew DeSouza, 202.962.7390, adesouza@sifma.org
SIFMA Applauds Bi-Partisan House Passage of Rep. Dold
Muni Advisor Legislation
Washington, D.C., September 19, 2012-SIFMA today released the following statement from Kenneth E. Bentsen, Jr., executive vice president, public policy and advocacy, after the House of Representatives passed H.R. 2827, legislation clarifying the scope of muni advisor regulations under Dodd-Frank, that was co-sponsored by Representative Dold (R-IL) and Representative Gwen Moore (D-WI).
"The House today, in a bi-partisan fashion, took necessary and appropriate action to clarify how municipal advisors would be regulated for the first time. Prior to Dodd-Frank municipal advisors, consultants who advise state and local governments on bond issuance, use of derivatives and other related financial matters, were wholly unregulated. While Dodd-Frank sought to address this regulatory gap, the SEC proposed a rule to implement these provisions that went far beyond the scope and authority Congress had intended. This legislation appropriately clarifies the scope of regulatory oversight on municipal advisors.
"We appreciate Congressman Bob Dold's leadership in sponsoring this legislation, and his work, particularly with Congresswoman Gwen Moore to craft a bill that will ensure proper regulatory oversight of municipal advisors without subjecting already regulated entities to an additional, unnecessary layer of regulation. We urge the Senate to consider this legislation before the end of this Congress."
-30-
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).http://www.sifma.org.
