Washington, D.C., February 18, 2020 – SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the subject of a financial transaction tax:

“A Financial Transaction Tax, or FTT, would tax middle class savers, including pension funds, 401ks and IRAs.  At a time when market development, efficiency and competition are driving the cost of investing toward zero, it makes little sense to increase the cost through what is essentially a sales tax.  Further, the threat such a tax poses to the efficiency of the U.S. capital markets is real.  It begs the question, what’s the point?”

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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 nearly 1 million employees, we advocate for 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). For more information, visit http://www.sifma.org.