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  - 05/04 10:00:24 pm
160.07 USD   -1.88%
01:43a Qatar bourse and Goldman Sachs launch London roadshow
05/04 Owner of Virgin Media plans a 500,000 pounds donation to UK's 'In..
05/04DJCorrection to GNC Considering Selling Itself Article on Monday
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
01:43a Qatar bourse and Goldman Sachs launch London roadshow
05/04 Owner of Virgin Media plans a 500,000 pounds donation to UK's 'In' camp
05/04DJCorrection to GNC Considering Selling Itself Article on Monday
05/04DJCredit Suisse Sells Debt Assets -- WSJ
05/04DJU.S. Stocks Pull Back Again
05/04DJCredit Suisse Slashes Debt Trading With Private-Equity Deal
05/04DJCredit Suisse Agrees to Sell Distressed-Debt Portfolio to TSSP for $1.27 Bill..
05/04 Rich and powerful warn robots are coming for your jobs
05/03 Bankers say U.S. antitrust concerns weigh on deal activity
05/03 GOLDMAN SACHS : OASIS Acquires Restore Document Management Ireland (Wincanton Re..
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials