A Quote by Judd Gregg
Whether or not you have good consumer protection has a big effect on safety and soundness of the banking community, especially smaller banks.
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People with banking experience haven't all flocked to the biggest banks; community banks and regional banks, along with smaller trading houses and credit unions, have some very talented people.
We have put in place policies through supervision and regulation that has greatly enhanced the safety and soundness of the banking system.
We survived for hundreds of years under the old banking structure. You'd have clearing banks, then merchant banks doing the racy stuff, and then building societies where you'd join a waiting list for a mortgage. But then banks started buying stockbrokers, doing mortgages, and you ended up with these big banking groups doing everything.
You have safety and soundness as primary purpose of the Federal Reserve, the OCC, and the other agencies which control banking regulation.
The fundamental problem with banks is what it's always been: they're in the business of banking, and banking, whether plain vanilla or incredibly sophisticated, is inherently risky.
I became a professor myself, teaching bankruptcy and consumer protection. I conducted a national study of mortgage companies in bankruptcy. And what I found was that big banks routinely broke the law.
The Federal Reserve is not charged with designing or evaluating proposals for housing finance reform. But we are responsible for regulating and supervising banking institutions to ensure their safety and soundness, and more broadly for the stability of the financial system.
My fantasy is to break up the big banks. I wish we would end 'too big to fail' in our banking system.
Among the largest banks, the capital ratios remain good and I don’t expect any serious problems . . . . among the large, internationally active banks that make up a very substantial part of our banking system.
When I moved from consumer banking to international banking, I thought I brought a lot of insights from India we could implement globally.
... immediately call on Congress to pass far-reaching industry regulation like the Firearms Safety and Consumer Protection Act ... [which] would give the Treasury Department health and safety authority over the gun industry, and any rational regulator with that authority would ban handguns.
Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, Silicon Valley. In this case I think he was referring to some of the European banks shedding assets, and the big buyers are probably not going to be big American banks. Someone like Blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.
Big Government is the small option: it's the guarantee of smaller freedom, smaller homes, smaller cars, smaller opportunities, smaller lives.
The great danger to the consumer is the monopoly -whether private or governmental. His most effective protection is free competition at home and free trade throughout the world. The consumer is protected from being exploited by one seller by the existence of another seller from whom he can buy and who is eager to sell to him. Alternative sources of supply protect the consumer far more effectively than all the Ralph Naders of the world.
I think there's a disconnect between political leaders and young voters around a lot of things related to the private sector. For example, a lot of politicians continue to attack big banks. While I'm not a defender of big banks, my sense is younger voters have had generally pretty good experiences with banks.
In the U.S. more than any other place, the banking system is insane. Millions of Americans lost their houses. Because of what? Because of the banking system. This American banking system is also coming to Europe. We can say today that the banks and high financiers run the world.
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