Tuesday, August 17, 2010

CSPAN Appearance to Discuss the Dodd-Frank Act & Answer Callers' Questions

This morning I appeared on CSPAN’s Washington Journal to discuss the impact of the Dodd-Frank Act and other new regulations on the banking industry. I stressed the need for a balanced approach in implementing new rules, keeping in mind many of the problems originated in the non-bank sector. Traditional banks, which had nothing to do with the crisis, will be burdened by as much as 5,000 pages of new regulation, a burden that will result in higher prices and lower availablitity of loans. The bill does provide the tools for addressing systemically significant institutions, which further secures our financial system – a provision that ABA supported.

I responded to callers’ questions on TARP, stressing the fact that the bank investments have provided $20 billion in profit to the taxpayers, while all of the losses have resulted from AIG, auto companies, and the government’s mortgage programs. I also reminded listeners of the expanded FDIC deposit coverage, now at $250,000.

See the full video on CSPAN’s site by clicking on the picture below.

1 comment:

Energy Audit said...

I was searching to find the impact of the CSPN appearance to discuss the impact the of the dodd frank and other new regulations.

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