Washington, D.C., May 30, 2018 – SIFMA today released the following statement from president and CEO Kenneth E. Bentsen, Jr. on proposed changes to the Volcker Rule:

“SIFMA welcomes the notice of proposed rulemaking on the Volcker Rule which was issued today, as it represents the growing recognition by policymakers of the unintended negative impact due to the excessive complexity of the current regulations. We remain concerned that the current regulatory framework is overly restrictive, impeding beneficial market activity at the expense of the economy, and, ultimately, consumers.  SIFMA looks forward to sharing our specific recommendations to streamline and simplify the Rule with the regulators.”

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SIFMA is the voice of the U.S. securities industry. We represent the broker-dealers, banks and asset managers whose nearly 1 million employees provide access to the capital markets, raising over $2.5 trillion for businesses and municipalities in the U.S., serving clients with over $18.5 trillion in assets and managing more than $67 trillion in assets for individual and institutional clients including mutual funds and retirement plans. 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.