It is vital for officials and regulators to have input from people within our businesses who understand the intricacies of how financial markets operate and the consequences of certain policy decisions.
Sentiment: POSITIVE
I believe that we have to have a new regulatory regime for our financial system.
Our financial system is so complicated and so interactive - so many different markets in different countries and so many sets of rules.
Our current way of regulating the financial system is dysfunctional. Oversight is dispersed among numerous confusing bodies that at times have seemed to be racing each other to the bottom. Setting up One Big Regulator would end that problem.
We're charged by Congress with regulating financial institutions. We take that mission seriously. We are tough supervisors and regulators.
We're one of the most highly regulated industries, and we have to pay attention to what government is doing.
This country, of course, needs fundamental reform of our financial regulatory system, as I, and many other financial institution executives, have publicly advocated for a considerable period.
As a whole, investors should welcome attempts to safeguard the integrity of markets. You need very clear rules applied to markets.
We need financial regulation that allows businesses and the banks they use to have access to the tools that help keep prices of consumer goods - like groceries and home heating oil - steady, while ensuring that the taxpayers are never again on the hook for the types of wild bets that helped crash the economy in 2008.
You read constantly that banks are lobbying regulators and elected officials as if this is inappropriate. We don't look at it that way.
If we want our regulators to do better, we have to embrace a simple idea: regulation isn't an obstacle to thriving free markets; it's a vital part of them.