SIFMA released a paper summarizing SIFMA's current positions on selected tax policy issues that may come before the Committee as it considers how to reform the Internal Revenue Code. The White Paper covered the following principal topics: Taxation of Financial Products Financial Services Industry Considerations in Addressing the Tax Treatment of Debt and Equity International Tax Reform Tax Classification of Independent Contractors Financial Transaction Tax ("FTT") Retaining Tax Incentives for Retirement Savings Capital Gains and Dividends Federal Tax Exemption for Municipal Bond Interest Bank

The Federal Deposit Insurance Corporation ("FDIC") released a statement by James R. Wigand, Director, Office of Complex Financial Institutions, and Richard J. Osterman, Jr., Acting General Counsel, on "Who Is Too Big to Fail?" examining the application of Title I of the Dodd-Frank Act. This is essentially a statement of the purposes in requring large banks to develop "living wills" and the progress that the largest financial institutions have made in developing these wills. Mr. Alvarez's speech discussed the measures being taking to reduce the probability of failure by a large bank

CFTC Commissioner Scott O'Malia delivered a speech criticizing much of the CFTC's rulemaking and activities, including in the areas of swap data reporting, futurization, SEFs, position limits rule and cross-border guidance. As to swap data reporting, he indicated that the CFTC was not able to use much of the information that it required to be delivered. He said that futurization was largely a product of rules that irrationally favored futures over swaps, with resulting damage to commercial companies that wanted to use swaps to hedge. He said that he was eager to have SEF Rules. As to position

CFTC Chairman Gary Gensler made the following statement on the International Organization of Securities Commissions ("IOSCO") consultation paper on Principles for Financial Benchmarks: "it is critical that benchmark interest rates be anchored in observable transactions and supported by appropriate governance structures. . . ." View Statement in full here (links externally to CFTC website). See also: IOSCO Consultation Paper.

The Committee on Financial Services held a third hearing focusing on Dodd-Frank's regulatory burden and the resulting harmful economic consequences. The regulatory burden, stemming from the confusing, complex and voluminous rules and regulations mandated by the Dodd-Frank Act, is having a harmful effect on community banks' ability to serve their customers, according to industry experts testifying at the House Financial Services Committee Financial Institutions Subcommittee hearing. View Press Release in full here (links externally to Financial Services website).