The American Council of Life Insurers (ACLI), The Credit Roundtable (CRT), the Investment Company Institute (ICI), the International Capital Market Association (ICMA), 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) strongly oppose the Sovereign Debt Stability Act (S.5542-A / A. 2970-A) recently amended in New York State.