Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Goldman Sachs Group Inc    GS   US38141G1040

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

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

05/02/2012 | 03:45pm US/Eastern
Recommend:
0

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

Recommend :
0
React to this article
Latest news on GOLDMAN SACHS GROUP INC
1d ago GOLDMAN SACHS : Libyan wealth fund mulls hiring external managers
1d agoDJBraas Monier Building Group Said Planning EUR500 Million IPO - Bloomberg
2d ago GOLDMAN SACHS : Lawyerly Lairs: A $16 Million Brooklyn Brownstone
2d ago For Morgan Stanley, playing it safe pays off
2d ago GOLDMAN SACHS : Ex-Goldman director Gupta starts prison term on June 17
2d ago Earnings lift S&P 500, Nasdaq; S&P's best week since July
2d agoDJMARKET SNAPSHOT : S&P 500's Weekly Gain Is Best Since July 2013
2d ago Global shares edge higher on U.S. data; dollar gains
2d ago GOLDMAN SACHS : For Goldman Sachs and Morgan Stanley, boring is beautiful
2d agoDJMARKET SNAPSHOT : U.S. Stocks Set For Weekly Gains
Advertisement
Chart
Duration : Period :
Goldman Sachs Group Inc Technical Analysis Chart | GS | US38141G1040 | 4-Traders
Income Statement Evolution
Goldman Sachs Group Inc : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF