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Thursday, August 9, 2012

ABA’s Keating Defends Banks In Bloomberg Interview

“If you want something to work, you have to lubricate it and not suffocate it,” ABA President and CEO Frank Keating told Bloomberg TV yesterday in a wide-ranging interview on the banking industry, the effects of its regulatory burden, and calls to downsize large banks.

Keating cautioned that breaking up the largest U.S. banks would force large U.S. businesses to seek funding from Chinese banks instead. He also said that the regulatory overreaction to the financial crisis is harming community banks.
We have to make the [bank regulatory] system work for Americans ... and not allow hostility or misguided anger over what happened in the fall of ’08 to destroy what has been essential for the success of America -- its domestic commercial banking industry.
Read highlights of the interview.

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