Robert Jenkins, a former member of the Bank of England’s Financial Policy Committee, said banks have wrongly convinced government that measures to improve the safety of the financial system will curb growth.
U.S. and U.K. lawmakers are increasingly calling for tougher global capital standards than those included in the so-called Basel rules, said Robert Jenkins, a member of the Bank of England’s Financial Policy Committee.
Bank of England interim Financial Policy Committee member Robert Jenkins said Greece must default on its debt within the euro area as a default outside the monetary union may cause bank lending to slump and damage Europe’s economy.
The first Basel agreement on global banking regulation, adopted in 1988, was 30 pages long and relied on simple arithmetic. The latest update, known as Basel III, runs to 509 pages and includes 78 calculus equations.
Congress should seize on a rare area of agreement between President Barack Obama and the National Rifle Association in the gun-violence debate and provide funds to hire more police officers, the mayor of New Orleans said.
Ray Nagin, the former New Orleans mayor who led the city during Hurricane Katrina, was charged with taking part in a bribery scheme that U.S. prosecutors said involved payments in cash, granite and trips to Hawaii.