By Sheila Bair (original source Yahoo Finance)
“As we observe the fifth anniversary of the Dodd-Frank financial reform law, some of Wall Street’s most influential voices are warning of the possibility for another financial crisis, and they want you to know in advance that it isn’t going to be their fault. Rather, according to this new narrative, the problem is those pesky government regulators and their misguided efforts to de-lever and de-risk the financial system.
The opening volley in this latest line of attack against financial reform was laid out in Jamie Dimon’s annual letter to JPMorgan Chase (JPM) shareholders. Not coincidentally, Dimon and others are taking aim at the reforms they seem to dislike the most: tougher capital rules which require banks to fund themselves with more common equity and less debt; and liquidity rules, which require banks to keep minimum levels of low-risk, easily-sellable assets on hand.”
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