Source: Sifma
SIFMA today released the following statement from Ken Bentsen, executive vice president, public policy and advocacy, upon passage by the House Agriculture Committee of H.R. 1573, legislation that would extend the effective implementation date for the derivatives-related section of the Dodd-Frank Act.
"We believe that the current July 21, 2011 deadline for the derivatives section of Dodd-Frank rulemaking 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. We applaud the Agriculture Committee for recognizing the need for regulators and the industry to get these new rules right and for passing this legislation."