We've been in the business of regional banking, and we understand what it is to make loans, and that's the engine of growth to small and medium sized business.
I don't support going back to Glass-Steagall as is.
To prosper and advance, the American business sector is going to need a financial system oriented toward business, not 'home ownership.'
Before entering Parliament, I spent my career in the city and in business.
I think former President Clinton and even Newt Gingrich have said it was a mistake to repeal Glass Steagall.
Normally, we define banks as being either retail or corporate, but ICICI transformed itself from a corporate bank into a retail bank and, now, a universal bank.
The 21st Century Glass-Steagall Act will reestablish a wall between commercial and investment banking, make our financial system more stable and secure, and protect American families.
We're a boring retail and commercial bank.
When commercial banking opened up for the private sector, I set up the retail-banking division for ICICI and grew it substantially. I then ran the international side of the ICICI Bank for a few years.
I liked the so-called Volcker Rule. I would have separated investment banking and commercial, deposit banking, as we did under the Glass-Steagal Act. I would have brought back Glass-Steagal.
I thought that ending Glass-Steagall was a mistake.
JPMorgan Chase are among the most successful global investment banks, most successful global asset managers, and, in the United States, one of the most successful retail and commercial bankers. We do a great job for customers.
