Banking Oversight Quotes

My view was that government officials could not sit on the board of the central bank, and I am very happy that has been upheld.

Regulation is necessary, particularly in a sector, like the banking sector, which exposes countries and people to a risk.

What the study I chaired actually said was we needed tougher regulation of cash and capital in banks, as credit was too easy. Events proved that right.

The biggest issue I have with the CFPB is that I don't believe that they should be funded out of profits from the Federal Reserve.

The New York Federal Reserve is a tool of the big banks.

This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.

The investment banks should either choose to be regulated as banks or should arrange to conduct their affairs to not require the stop-gap support of the Federal Reserve.

We need to increase the transparency of shadow banking markets so that authorities can monitor for signs of excessive leverage and unstable maturity transformation outside regulated banks.

We now have power under the Dodd-Frank legislation to break up banks. And I've said I will use that power if they pose a systemic risk.

I bet Richard Fuld doesn't have an ounce of contrition. It's just megalomania. When it's like that, you need rules to prevent catastrophe. When banks are borrowing the government's credit rating, you need rules to prevent stupid things.

We have put in place policies through supervision and regulation that has greatly enhanced the safety and soundness of the banking system.

Dodd-Frank greatly expanded the regulatory reach of the Federal Reserve. It did not, however, examine whether it was correctly structured to account for these new and expansive powers. Therefore, the Committee will be examining the appropriateness of the Fed's current structure in a post Dodd-Frank world.

Regulators are a backstop: they don't own banks. The governance at the top of our leading banks has been shown to be lamentably weak. No one at the top of Barclays will take responsibility for systemic abuse.

You have safety and soundness as primary purpose of the Federal Reserve, the OCC, and the other agencies which control banking regulation.

Before the CFPB, there was no single agency or entity within the federal government tasked with protecting Americans from predatory or negligent practices of banks, credit card companies, mortgage lenders, payday lenders, credit rating agencies and other financial service businesses.

Our goal is to allow thrifts [certain banks] to operate with a wide breadth of freedom from regulatory intrusion.

I very strongly disagreed with President Clinton on the deregulation of Wall Street. I opposed that strenuously.

I was tenaciously opposed by the governor and deputy-governor of the Bank, who had seats in parliament, and I had the City for an antagonist on almost every occasion.

The job of the Central Bank is to worry.

I do not think you can trust bankers to control themselves. They are like heroin addicts.

In the U.A.E. we were the least-regulated environment in the region, and over time we are seeing more and more regulation coming in. On the other hand, a central bank can overregulate and choke the economy, and then we will have a dead banking industry.

Our respectable legislators will make a most alarming fuss about every bank that is chartered, while manufacturing companies shall pass muster by the dozen, without a single question being asked or answered. Those who strain at a gnat, are marvelously adroit at swallowing a camel.

Accountability for the largest financial institutions on Wall Street is the bedrock for a strong economy. Hard-working families and honest businesses cannot survive in a world where the rules don’t keep the marketplace honest.

Banks don't come with an internal switch that says, 'Enough! Let's slow down a little.' Or, 'Let's just share this wealth around for the benefit of the community now.' That's the job of government.

We require two safeguards against a return of the evils of the old order; there must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people's money, and there must be provision for an adequate but sound currency.