The Securities Industry Financial Markets Association (SIFMA) is voicing its support for the Obama Administration's proposed legislation to create a systemic risk supervisor and and Financial Services Oversight Council.

SIFMA president and CEO Timothy Ryan released the following statement on Wednesday afternoon:

"Today's legislative proposal from the Administration to create a systemic risk supervisor along with a Financial Services Oversight Council moves this critical piece of the regulatory reform agenda forward. Systemic risk has been at the heart of the current financial crisis, and SIFMA has been a leading advocate for the creation of a single, accountable systemic risk supervisor. We believe a central authority is essential to ensure that problems at one or a handful of institutions do not threaten the functioning of our markets and the broader economy."