Financial System Reform Quotes

The financial system has to be regulated, we have to end with the tax havens, and it's necessary that the central banks in the world should control a little bit the banks' financing because they cannot bypass a certain range of leverage.

The Federal Reserve, the Treasury, all the regulator agencies - if there's a problem of the financial mechanism in society, the only one to fix it is government. They've got a legitimate role.

Banks and investors have poured money into dirty energy and high-carbon for decades. While no single policy is a magic bullet for the climate crisis, there is also no way of solving it that doesn't involve a fundamental reimagining of the role of our financial system.

Our current way of regulating the financial system is dysfunctional. Oversight is dispersed among numerous confusing bodies that at times have seemed to be racing each other to the bottom. Setting up One Big Regulator would end that problem.

[Occupy Wall Street] had an impact on consciousness. It was not effective in realizing change.

Wall Street can never be allowed to threaten main street again. No bank can be too big to fail, no executive too powerful to jail.

The Libor system is structurally flawed. It is a major problem for our financial system and for the confidence in the financial system. We need to address it.

What happened at Mt. Gox is not an isolated incident. This is a plague that continues to play like a bad broken record. As long as this continues to happen, how are we ever going to instill confidence in this industry? How are we better than the old financial system?

I would say the No. 1 problem with the Volcker Rule is it's too complicated, and people don't know how to interpret it.

We will not support returning Fannie and Freddie to the role they played before conservatorship, where they fought to take market share from private competitors while enjoying the privilege of government support.

If you want to change the way your banking system is regulated, if you want to learn the mistakes of what's gone wrong, then you have to change your government.

The IBC is a very deep reform. It is almost as deep a reform as GST or demonetisation. It changes the fundamental character of Indian business.

Until you separate the speculative behaviour of the financial sector from the real economy and the financing of the real economy, then we are not going to see the kind of stability or the capacity to drive genuine, income-led growth as opposed to debt-fuelled, speculative behaviour.

But what we're determined to do, and what the reforms will do is to make sure this system goes back to its core purpose of taking the savings of Americans and from investors around the world and allocating those to people with an idea, not just the largest companies in the country, but to small businesses with an idea and a plan for growing.

We need a federal government commission to study the way our financial services system is working - I believe it is working badly - and we also need more educated investors. There are good long term low-priced mutual funds - my favorite is a total stock market index fund - and bad short term highly priced mutual funds. If investors would get themselves educated, and invest in the former - taking their money out of the latter - we would see some automatic improvements in the system, and see them fairly quickly.