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Statement of FDIC Chairman Sheila C. Bair on the SEC Proposal for New Standards for Asset-Backed Securities

April 7, 2010
Media Contact:
Andrew Gray (202) 898-7192

FDIC Chairman Sheila C. Bair said, "I applaud today's vote by the SEC to propose new standards under the securities laws for the securitization market. These proposals include essential elements of reform that emphasize transparency, loan quality, risk retention and investor due-diligence, which will help provide appropriate economic incentives to foster a sustainable securitization market. The SEC's proposals align with the FDIC initiative to set new standards for a 'safe harbor' for future securitizations originated by FDIC-insured institutions. Notably, the SEC's proposed new standards will extend to the nonbank 'shadow sector,' demonstrating a common approach that will further the ultimate goal of ending arbitrage and implementing securitization reforms across the entire market."

Last Updated 4/7/2010

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