us banking sector safe enough for deregulation former morgan stanley ceo
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

US banking sector safe enough for deregulation: former Morgan Stanley CEO

Arab Today, arab today

Arab Today, arab today US banking sector safe enough for deregulation: former Morgan Stanley CEO

former Chairman and CEO of Morgan Stanley John J. Mack
New York - Xinhua

 The United States banking industry is in a total safe state and it is ready for some deregulation to sustain development, former Chairman and CEO of Morgan Stanley John J. Mack has said here.

The regulatory oversight now is dramatic in the financial sector, the amount of capital that firms appearing is huge, and the amount of risk has been de-risked, Mack said in an event titled "Conversations with Global Business Leaders" in New York on Thursday.

Mack, the CEO who led the investment bank through the 2008 financial crisis, said that situation now is completely different from nine years ago in the banking industry.

The financial crisis in 2008 began with a crisis in the U.S. subprime mortgage market, and developed into a global banking crisis with the collapse of the investment bank Lehman Brothers. Many considered that excessive risk taken by banks was the major cause of the crisis.

"Today there are a lot more regulation; the Federal Reserve is much more involved in the risks that investment banks take. The banks clearly remember what they went through, there is much more focus on risk control," Mack said.

"Now I don't see any risk from overexposure too much leverage, also we have done a lot of work on cleaning up the housing market and mortgages," he added.

In response to the 2008 financial crisis, former U.S. President Barack Obama enacted a bill called the Dodd-Frank Act in 2010.

Under the law, regulators introduced strict capital standards on banks, called for annual stress tests for systemically important banks, and created the Consumer Financial Protection Bureau.

However, U.S. President Donald Trump has vowed to scale back Dodd-Frank Act, saying the Wall Street reform law is a "disaster" and "horrible" for business vitality.

The financial sector in the stock market posted sharp gains since Trump was elected, surging 18 percent on his promise to cut bank regulations.

Trump's viewpoints were echoed by Mack, who said that too much regulation may hurt the market.

"There does need some change in the regulatory oversize," he said. "The stocks may go down in the future with too much control."

source: Xinhua

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us banking sector safe enough for deregulation former morgan stanley ceo us banking sector safe enough for deregulation former morgan stanley ceo

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us banking sector safe enough for deregulation former morgan stanley ceo us banking sector safe enough for deregulation former morgan stanley ceo

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday