Printer Friendly

SECURITIES INDUSTRY PART OF SOLUTION TO REJUVENATING U.S. ECONOMY, LACKRITZ SAYS; SIA EAGER TO WORK WITH POLICYMAKERS

 RICHMOND, Va., Dec. 15 /PRNewswire/ -- The securities industry is part of the solution to the economic problems of the nation and is eager to cooperate with policymakers at the federal and state levels to help them rejuvenate the economy, Marc E. Lackritz, president, Securities Industry Association, said Tuesday in remarks prepared for delivery to the Virginia Securities Industry Association.
 "That's the message we must emphasize as we speak to legislators and policymakers at all levels," he told a VSIA meeting.
 "Capital-raising is our business," and "what we do gives much to society in terms of a better quality of life, jobs and an improved social fabric," said Mr. Lackritz, who became SIA president Dec. 4.
 VSIA isn't affiliated with SIA, although SIA assisted the Virginia group in beginning operations in January 1992.
 Mr. Lackritz urged VSIA member firm executives to join SIA member firms nationwide in calling and visiting legislators to make them aware of industry concerns.
 He also said efforts must be made to tell federal and state legislators, regulators and Administration officials about the role of the capital markets, the function of the securities industry, and the benefits the industry provides to the nation and the world's economy.
 In addition, Mr. Lackritz also told the Virginia group he planned to use VSIA as a model for others to follow in forming similar groups in other states.
 Mr. Lackritz reviewed various legislative issues at the meeting, emphasizing SIA intends to renew next year a plan it initiated in 1992 "to bring about a fair and meaningful system of saving and investment by individuals and corporations."
 Mr. Lackritz also told the group SIA intends to stress four key policy objectives "to maintain the global preeminence of the U.S. capital markets."
 The effort calls for a tax policy which encourages savings and investment which stimulates economic growth and job creation; restructuring the financial services industry in a manner safeguarding the public; fostering a regulatory system which balances investor protection with improved market efficiency and innovation; and encouraging the open access to foreign capital markets and the free flow of capital between nations.
 SIA is the securities industry's trade association, representing the business interests of nearly 700 securities brokerage and investment banking firms in the U.S. and Canada. Collectively, they account for more than 90 percent of securities activities in North America.
 VSIA is made up of managers and senior executives of about 20 firms headquartered or with offices in Virginia. Most of the member firms also are SIA members. The current VSIA president is Frederick E. Kienel, senior vice president and branch manager, southeast region, Dean Witter Reynolds Inc.
 -0- 12/15/92
 /CONTACT: Art Samansky or Karen San Antonio of Securities Industry Association, 212-608-1500/


CO: Securities Industry Association ST: Virginia IN: FIN SU:

KD-KW -- NY051 -- 7283 12/15/92 14:24 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 15, 1992
Words:474
Previous Article:BIOCHEM GETS ANOTHER MAJOR SALES CONTRACT IN EUROPE
Next Article:MARIFARMS, INC. ANNOUNCES CHANGE OF NAME TO MARINE HARVEST INTERNATIONAL, INC.
Topics:


Related Articles
SIA URGES REGULATORS, PRIVATE SECTOR TO 'AGGRESSIVELY' PURSUE CHANGES IN U.S. CLEARANCE SYSTEM
LACKRITZ RECOMMENDED AS SIA PRESIDENT TO SUCCEED O'BRIEN; RECOMMENDATION SUBJECT TO CONFIRMATION BY DIRECTORS AT ANNUAL CONVENTION IN DECEMBER
/FIRST AND FINAL ADD -- NY100 -- SECURITIES INDUSTRY ASSOCIATION/
FINANCIAL SERVICES INDUSTRY HAS OBLIGATION TO FORGE COMPREHENSIVE REFORM, LACKRITZ SAYS
SIA: LACKRITZ URGES SECURITIES INDUSTRY TO USE ITS KNOWLEDGE TO HELP RESTORE NATION'S LONG-TERM ECONOMIC GROWTH, JOBS
LACKRITZ URGES FUTURE SECURITIES INDUSTRY LEADERS TO MAKE 'INTEGRITY' AND 'TRUST' SYNONYMOUS WITH SECURITIES BUSINESS
SIA URGES CONGRESS TO BACK PASSAGE OF GATT PACT
SIA STRONGLY URGES CONGRESSIONAL APPROVAL OF GATT IMPLEMENTING LEGISLATION
GROWING LITIGATION SUITS, AMOUNT OF DAMAGES SOUGHT, SHOW INCENTIVE TO LITIGATE, BREAKDOWN OF SYSTEM, LACKRITZ SAYS
SIA COMMENTS ON DERIVATIVES POLICY GROUP REPORT

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters