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
1h agoDJZimmer to Buy Biomet for $13.35 Billion -- 5th Update
2h ago Zimmer to buy Biomet for $13.35 billion in latest consolidation
3h agoDJElizabeth Arden Hires Goldman Sachs to Assist in Possible Sale -Reuters
6h agoDJZimmer to Buy Biomet for $13.35 Billion -- 4th Update
7h agoDJZimmer to Buy Biomet for $13.35 Billion -- 3rd Update
7h ago Barclays chairman defends staff bonuses as Standard Life leads shareholder pr..
7h agoDJZimmer to Buy Biomet for $13.35 Billion -- 2nd Update
7h ago Barclays chairman defends staff bonuses as Standard Life leads shareholder pr..
8h agoDJZimmer to Buy Biomet for $13.35 Billion -- Update
8h ago GOLDMAN SACHS : Mayor Rahm Emanuel and Goldman Sachs Chairman and CEO Lloyd Blan..
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