Release Date: July 31, 2014 Contact: Carol Danko, 202.962.7390, email@example.com
SIFMA Statement on GAO Report on Large Bank Holding Companies
Washington, DC, July 31, 2014- SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., in response to the Government Accountability Office's report entitled "Large Bank Holding Companies: Expectations of Government Support":
"The GAO's report finds that any funding advantage that may have once been granted to a financial institution deemed 'too-big-too-fail' has been drastically reduced or eliminated. Since the crisis, the industry has increased capital requirements, spent millions on compliance, and worked to establish a regime to end too-big-to-fail. The report's findings underscore the fact that our industry has become safer, sounder, and more resilient, while recognizing that market perceptions have aligned with the law prohibiting taxpayer bailouts.
"While the study's results may indicate measurable progress to date, we still have more work to do. Many rules have not been fully implemented and when they are, more progress will be made. As policymakers move ahead with the completion of Dodd-Frank, it is imperative that we implement well-coordinated, balanced rules that continue to mitigate systemic risk and increase resiliency, without overreaching to the point of needlessly restricting credit to American businesses and consumers."
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. 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.