Testimony on Financial Institutions and Monetary Policy
SIFMA President and CEO, Kenneth E. Bentsen Jr. delivered testimony at a virtual hearing before the U.S. House of Representatives…
SIFMA submitted a letter to the U.S. Federal Reserve relating to the Federal Reserve’s plan to issue a notice of proposed rulemaking regarding the total loss absorbing capacity (TLAC) requirements that would apply to U.S.-based global systemically important banks (G-SIBs).
In the letter, SIFMA urges the Federal Reserve to consult with the Treasury Department in developing its guidelines to ensure that TLAC debt securities are clearly treated as debt for federal income tax purposes.
In addition, SIFMA recommends the Federal Reserve and Treasury Department work with regulators in other jurisdictions, encouraging them to adopt guidelines that will serve to ensure the uniform tax treatment of TLAC securities in all jurisdictions and to avoid problematic inconsistencies across jurisdictions with respect to either the relevant terms of TLAC securities or the relevant tax rules that govern them.
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