SIFMA today released the following statement from Kenneth E. Bentsen, Jr., president and CEO, on the passage of H.R. 4167, the Restoring Proven Financing for American Employers Act :
"We applaud the House for passing H.R. 4167, the Restoring Proven Financing for American Employers Act, and thank Rep. Barr and Ranking Member Maloney for their bipartisan leadership on this bill. The Fed's recently-announced guidance is far too limited in scope and fails to remediate the negative impact of the Volcker Rule on CLOs. The Barr bill is a more comprehensive approach that makes the Volcker Rule workable while minimizing unnecessary disruptions to the market. This targeted congressional fix will help diminish the unnecessary losses that will be caused by the Fed's approach and help keep capital flowing to the Main Street businesses that rely on CLOs for credit."
SIFMA's letter of support can be read here.