Fact Sheet: Large, Global U.S. Banks Are Safer, Smaller, and Simpler
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“Over the past five years, through legislative, regulatory, and industry-initiated changes, significant improvements have been made to strengthen the U.S. financial system. Bank capital and liquidity have more than doubled to record levels, leverage has been reduced, risk management procedures and methodologies have been improved, compensation structures have been reformed to align incentives with the safety and soundness of the institution, and large financial institutions are less complex."
"The financial services industry is committed to effective resolution and recovery planning through the living wills process. The firms have taken meaningful, concrete steps to ensure their plans are credible and that no firm is too big to fail. The living wills process builds on the many improvements that have made the U.S. financial system stronger, safer and more simple, including the doubling of capital and liquidity, and structural changes to reduce risk and streamline business models."
Brian Moynihan, Chairman of the Financial Services Forum, today issued the following statement regarding the news that Rob Nichols will be leaving his position as President and CEO of the Forum for the American Bankers Association: "Rob has been a skillful Forum leader during a consequential decade for the financial system. On behalf of the members, I thank Rob for his service and wish him continued success as an effective voice in Washington helping policymakers better understand the important role that banks of all sizes play in driving the U.S. and global economy."
The “shortcomings” referred to in this editorial are in fact critically important legislative fixes that will empower businesses and government agencies with the best information to protect consumers and stay ahead of the rapidly evolving and increasingly malicious nature of cyberattacks. Businesses and government need the ability to learn from each other regarding the nature and location of cyberattacks. This sharing of information will enable the public and private sectors to continually improve network security and protect Americans’ information from cybercriminals.
U.S. Global Banks Have More Than Doubled Their Capital Ratio Since 2009