Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Goldman Sachs Group Inc    GS

Delayed Quote. Delayed  - 06/24 10:01:03 pm
141.86 USD   -7.07%
06/24 Frankfurt or bust? Wall St bankers in London ponder life post Bre..
06/24 UK markets shudder after Brexit vote, sterling hits 31-year low
06/24 Factbox - Business reaction to Britain's decision to leave the EU
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Major Banks Raise Concerns Over New Rules With Fed's Tarullo

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/02/2012 | 09:45pm CEST

Top executives from six major banks on Wednesday discussed concerns over new industry rules with Federal Reserve Gov. Daniel Tarullo, the Fed said in a summary of the meeting.

The chief executives of Goldman Sachs Group Inc. (>> Goldman Sachs Group, Inc.), U.S. Bancorp (USB, J.P. Morgan Chase & Co. (>> JPMorgan Chase & Co.), Morgan Stanley (>> Morgan Stanley), State Street Corp. (>> State Street Corporation) and Bank of America Corp. (>> Bank of America Corp) talked about the Fed's 2012 capital analysis and raised fears that new regulations would constrain their industry, the Fed said.

The Fed said Tarullo told the executives that their comments would be considered part of the rule-making process under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Specifically, the banking officials said they were worried the new rules would overstate credit risk for some transactions and would establish more stringent credit exposure limits for the largest financial firms, according to the Fed. The banks are also worried about the extent to which the alternatives to credit ratings could overstate the risk of some of their assets.

The industry officials repeated fears that a rule restricting some financial firms, including hedge and private equity firms, from proprietary trading would "constrain market-making activity" and the depth of some financial markets.

Furthermore, the bank executives said they are worried the new rules could damage their international competitiveness.

-By Ian Talley, Dow Jones Newswires, 202-862-9285; ian.talley@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on GOLDMAN SACHS GROUP INC
06/24 Frankfurt or bust? Wall St bankers in London ponder life post Brexit
06/24 UK markets shudder after Brexit vote, sterling hits 31-year low
06/24 Factbox - Business reaction to Britain's decision to leave the EU
06/24 DOW MOVERS : Gs, vz
06/24DJBlackRock to Push Wall Street Chat Tool
06/24 Business reaction to Britain's decision to leave the EU
06/24DJDONG ENERGY A/S : Adds German Wind Project to Exceed 2020 Target
06/24 Goldman Sachs, Barclays, HSBC downplay Brexit threat
06/23DJGOLDMAN SACHS : Exceeds Fed Minimum Capital Level Under Stress Scenario -- Updat..
06/23DJGOLDMAN SACHS : Exceeds Fed Minimum Capital Level Under Stress Scenario
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials