Washington, D.C., March 5, 2025 – SIFMA’s Asset Management Group (SIFMA AMG) today issued the following statement from Lindsey Keljo, Head of SIFMA AMG, in response to the FDIC formally withdrawing the Change in Bank Control Act proposal:

“SIFMA commends the FDIC for taking this appropriate action. As we have consistently advocated, we believe the FDIC’s current approach to assessing ‘control’ under the Change in Bank Control Act has worked well and is not in need of reevaluation. The changes previously under consideration could have serious unintended consequences, including a detrimental impact on banks’ access to capital. The current approach among banking regulators has worked well and has avoided unnecessary and costly regulation that is ultimately borne by markets and investors.

“Millions of Americans save for retirement and other financial goals with the help of funds managed by asset managers. Investors benefit from economies of scale and are paying lower fees than ever before. Such funds provide investors with exposure to many sectors of the economy, including banking, and as such, are an important source of capital for the sector. Any reevaluation of asset managers’ investments in FDIC-supervised institutions must be thoughtful and designed to avoid limiting banks’ access to capital or investors’ ability to save for their financial goals.  To do otherwise risks unduly disincentivizing investment in banks and increasing the cost of investment for retail investors in the United States.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).