FOR IMMEDIATE RELEASE
Tuesday, November 29, 2016
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com
Updated Fact Sheet Re: House Vote This Week On $50 Billion Threshold and Fed’s SIFI Designation
Washington, D.C. – Jeremy Bratt, Director of External Affairs for Better Markets, today issued the following statement regarding H.R. 6392, the so-called “Systemic Risk Designation Improvement Act of 2016,” that will be voted on this week in the House of Representatives which would change the Fed’s designation and supervisory authority over Systemically Important Financial Institutions (SIFIs) with more than $50 billion in assets:
“Some have claimed that H.R. 6392 is necessary to provide the Federal Reserve Board with the authority and flexibility to tailor its financial regulations for banks of different sizes and risk profiles. However, current law already provides the Fed with ample authority and flexibility to do exactly that, as the Fed has done and as detailed in the fact sheet link below.”
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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.
