Industry Opposes New York Legislature Bill on Sovereign Debt

The International Capital Market Association (ICMA), The American Council of Life Insurers (ACLI), The Credit Roundtable (CRT), the Investment Company Institute (ICI), the Institute of International Finance (IIF), the Life Insurance Council of New York (LICONY), the Partnership for New York City (PFNYC), and the Securities Industry and Financial Markets Association (SIFMA) have signed a letter strongly opposing the Sovereign Debt Stability Act (S.5542-A / A. 2970-A), recently amended in New York State.

ICMA and co-signers believe that, if passed by the New York legislature and signed into law, this bill would have negative, wide-ranging, and unintended consequences for global markets. Further, it would harm the developing economies it aims to help, in pursuit of fixing a specific problem that has already been addressed.

Read the open letter here.

Source: ICME