Big banks take capital fight to Congress
Friday 17 June 2011
America's biggest banks took their fight to prevent tougher capital rules to the US Congress yesterday. The banks' aim is to torpedo US and international plans that would impose significant extra capital requirements on the biggest institutions, so that the banks whose failure would have the biggest effects on the system are less likely to get into trouble.
The Securities Industry and Financial Markets Association, one of the most powerful banking lobby groups, told the House Financial Services Committee yesterday that "excessive capital charges make it more expensive for banks to lend money or provide liquidity to US businesses. The result inevitably will be higher cost of credit and less credit and less funding availability."
Barry Zubrow, JPMorgan's chief risk officer, added: "The regulatory pendulum clearly has now begun to swing to a point that risks hobbling our financial system and our economic growth."
Earlier in the hearing, regulators had defended the need for extra capital requirements.
- 1 Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 5 Israel's propaganda machine is finally starting to misfire
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...
£450 - £650 per day + competitive: Orgtel: My client, a leading bank, is curre...
£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...
£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...