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May 9, 2013

Big Banks Push Back Against Tighter Rules

“The nation’s biggest banks are going on the offensive to fend off growing efforts in Washington to rein them in.

“The banks have hired longtime, influential Washington hands to deflect regulatory and political pressure to strengthen their finances and to sell assets. Regulators and some lawmakers have raised concern that large banks remain “too big to fail” and could require another government bailout in the event of a new financial meltdown.

“The effort by banks marks a lobbying turning point for the industry, which adopted a mostly low-profile stance to new regulations in the wake of the financial crisis. It also comes as banks such as Morgan StanleyBank of America Corp. and Goldman Sachs Group, Inc. are shedding lucrative assets that would have required them to hold more capital to compensate for their risk.

“While the banks are joining forces, much of the work is being coordinated through trade groups.”

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Read full Wall Street Journal article here

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