Washington, DC, May 24, 2011—SIFMA today released the following statement from Ken Bentsen, executive vice president, public policy and advocacy, upon passage by the House Financial Services Committee of H.R. 1573, legislation that would extend the effective implementation date for the derivatives-related section of the Dodd-Frank Act.
“Dodd-Frank created a whole new regulatory structure for derivatives markets and it is vitally important to our economy that regulators get this new structure and the underlying rules right. While we remain committed to fully implementing the derivatives provisions in the Act, we believe that the current July 21, 2011 deadline does not provide adequate time for regulators to consider the critical issues related to this new regulatory system for over the counter derivatives markets.
“This legislation would provide additional time for regulators to draft rules, conduct additional cost-benefit analysis and consider the cumulative impacts of these rules on the market and how they would affect businesses and consumers.”