WASHINGTON, December 15, 2025 – The Structured Finance Association (SFA) today welcomed the House Financial Services Committee’s decision to include the Protecting Private Job Creators Act, introduced by Representatives Troy Downing (R-MT) and Cleo Fields (D-LA,) in the package of legislation scheduled for committee markup this week.
This bipartisan legislation would provide long-needed regulatory clarity by exempting fixed-income securities from Securities and Exchange Commission Rule 15c2-11, a rule originally designed to address risks in equity markets and never intended to apply to fixed-income products. Codifying this exemption would preserve market liquidity, protect American jobs, and ensure the continued efficient functioning of U.S. capital markets.
“The Protecting Private Job Creators Act is an important step toward restoring certainty and predictability for structured finance markets,” said Michael Bright, CEO of the Structured Finance Association. “By codifying longstanding regulatory treatment and existing relief, this legislation ensures that investors, issuers, and market intermediaries can continue to rely on well-established practices that support liquidity, capital formation, and economic growth.”
The Structured Finance Association appreciates the leadership of Representatives Downing and Fields on this issue and looks forward to continued engagement with the House Financial Services Committee as the legislative process moves forward.
Additionally, SFA is closely monitoring the Security and Exchange Commission’s ongoing review of Rule 15c2-11as part of its Regulatory Flexibility Act agenda and encourages further calibration.
About the Structured Finance Association:
With more than 370 member institutions comprised of accounting firms, broker/dealers, diversified financial intermediaries, investors, issuers, IT vendors, law firms, mortgage insurers, other small financial institutions, rating agencies, servicers, and trustees, SFA is the leading voice for the global securitization industry.
SFA is focused on helping grow the real economy and improving the lives of individuals, families, businesses; helping make credit more affordable and available to people who need it to finance some of life’s biggest goals — education, car purchases, starting a business, buying a home — or reduce their debt through consolidation loans; safeguarding essential protections for consumers and the financial system; facilitating valuable dialogue among the financial services market, its practitioners, policymakers and the broader public; and recognizing that all finance entails risk, but it should not involve recklessness.
For inquiries, please contact:
Walt Cronkite, Director of Communications, SFA