Release Date: October 9, 2015
Contact: Liz Pierce, 212-313-1173, [email protected]

SIFMA Statement on the OFR Accountability Act

Washington, DC, October 9, 2015 – SIFMA today released the following statement from Andy Blocker, executive vice president, public policy and advocacy, after Representatives Ed Royce (R-Calif.) and Patrick Murphy (D-Fla.) introduced the Office of Financial Research Accountability Act of 2015 (H.R. 3738):

“SIFMA welcomes the introduction of the Office of Financial Research Accountability Act, which, among other provisions, would require the OFR to update annually the progress made by financial regulators in adopting the Legal Entity Identifier (LEI).  SIFMA has long been supportive of the LEI initiative.  A uniform, global legal entity identifier will enable regulators and supervisors, researchers and firms to better measure and manage counterparty exposure, enhance risk management and improve operational efficiencies that ultimately benefit our members’ clients and customers.  Chairman Royce and Congressman Murphy are to be applauded for focusing their attention on these issues."

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SIFMA is the voice of the U.S. securities industry, representing the broker-dealers, banks and asset managers whose 889,000 employees provide access to the capital markets, raising over $2.4 trillion for businesses and municipalities in the U.S., serving clients with over $16 trillion in assets and managing more than $62 trillion in assets for individual and institutional clients including mutual funds and retirement plans. 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.