Washington, D.C., October 20, 2023 – SIFMA issued the following statement from president and CEO Kenneth E. Bentsen, Jr. regarding today’s announcements by the Federal Reserve on data collection related to the Basel III capital proposal and comment submission deadline:

“We appreciate the Federal Reserve’s recognition of the importance of data collection and analysis in evaluating the impact of the proposed bank capital rules. However, given the data submission deadline is the same as the new comment submission deadline, stakeholders will not be able to use the data to thoughtfully inform comments, which is crucial. Failing to do so is a missed opportunity and will not correct the notable flaws with the process and the proposal that we identified in two recent letters to the agencies.”

Related recent submissions:

• Joint Trades Letter on Need for Quantitative Impact Study of the Potential Effects of Proposed Regulatory Capital Rules
• Joint Trades Letter on Need for Banking Agencies to Re-Propose Basel Rule

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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). For more information, visit http://www.sifma.org