One hundred fifty years ago, the U.S. was two years into a brutal Civil War. The financial cost left the federal government under enormous stress, leading to a result no one had imagined: the first modern system of bank regulation.
U.S. Senator Elizabeth Warren, a Massachusetts Democrat and longtime consumer advocate, said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend, that she expects incoming Federal Reserve Board Chairman Janet Yellen will be a more aggressive financial regulator than her predecessor, Ben S. Bernanke.
The Federal Reserve this month will take a step toward revealing more about its oversight of the financial system, an area where the central bank has yet to match the strides it has taken toward transparency in monetary policy.
Chancellor of the Exchequer Alistair Darling will announce his plan to reshape the banking industry and regulation of the financial services industry next month after reviewing a report on the matter released today.
The event was a June 8 American Bankers Association conference on international economics in Atlanta, and the keynote speaker was Federal Reserve Chairman Ben S. Bernanke. During a question-and-answer period, Jamie Dimon, chief executive officer of JPMorgan Chase & Co., waited patiently while several other bank executives threw polite queries at the central bank head, Bloomberg Markets magazine reports in its October special issue on the 50 Most Influential people in global finance.
Bank regulations, compliance costs will motivate companies to sell assets, businesses, according to Moody’s report. * Says industry can expect more large strategic deals in benign investment environment * Says smaller managers will drive M&A to get scale, absorb costs from regulation, distribution * Says EU regulations weighing on profitability * Says active managers under pressure from low-fee, passive products, expects increase in use of ETFs, index mutual funds in 2014 * Says outlook for industry stable