Wall Street CEOs Sound Alarm on Economic Impact of New Regulations
TL;DR
CEOs of major Wall Street banks, including JPMorgan, Morgan Stanley, and Goldman Sachs, warned lawmakers that proposed capital hikes and new regulations could negatively impact lending, capital markets, and the broader economy. The banks are campaigning against the "Basel endgame" proposal, which changes how banks calculate their loss-absorbing capital. Democrats expressed skepticism towards the industry's concerns, while Republicans and CEOs highlighted potential adverse effects on various sectors. Regulators argue that the rules are necessary to protect the banking system.
- Wall Street bank bosses warn lawmakers of economic toll from tough new rules Yahoo Finance
- Dimon and Other Bank CEOs to Testify on Regulations Bloomberg Television
- Big bank CEOs warn that new regulations could harm the economy The Associated Press
- Top Wall Street CEOs will testify before Congress Wednesday. Here's what to expect. Yahoo Finance
- Citigroup's Fraser: It's a Bad Idea to Raise Capital Requirements Bloomberg Television
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