Urging lawmakers to look at the Dodd-Frank Act in a spirit of goodwill, ABA President Frank Keating, in an interview yesterday with Fox Business television network, pointed to housing recklessness, not proprietary trading, as the cause of our economic crisis.
“[P]eople who should not have bought houses, unregulated mortgage brokers -- all of this -- was what brought down the economy. I would not imagine a whole lot of problems occurred as a result of proprietary trading. But those are all issues that ought to be looked at in terms of the safety and soundness of the commercial banking system … .”
Watch full interview.
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