Roll Call: Latest News on Capitol Hill, Congress, Politics and Elections
October 25, 2014

Financial Reform Will Mature in 2013

Simon Johnson is optimistic that “2013 will be a watershed for financial reform.”

“News reports indicate that the Fed has already started saying no to some bank mergers. At the same time, the US Federal Deposit Insurance Corporation has become a bastion of sensible thinking on financial-sector issues.”

“Wall Street is pushing back, of course. But the rolling series of scandals surrounding global megabanks makes it difficult for anyone to keep a straight face when executives insist that our largest banks must maintain their current scale and scope… Meanwhile, the continuing problems at European banks are a stark reminder that operating highly leveraged, thinly capitalized firms is incredibly risky.”

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