Uncertainty from Washington contributes to major economic headwinds, ABA President and CEO Frank Keating said on Bloomberg TV last night. "Uncertainty about regulatory practices, uncertainty about healthcare costs under the Affordable Care Act, uncertainty about jobs -- all that has an impact," he told host Mark Crumpton of "Bottom Line."
Keating also focused on the role of debt in consumers' economic decisions. "Young people who are wanting to build or buy their first home are absolutely saddled with loan debt," he said. "That will have an impact." Regulatory mandates could also lead to slow growth in the housing market, Keating added, with the "really steep" 43 percent debt-to-income limit in the Qualified Mortgage rule disqualifying those who may have plenty of assets but don't fit the debt or income box exactly.
Watch the interview.