Bank of America CEO Statement on President Obama's Speech on Regulatory Reform
By admin - Posted on September 16th, 2009
CHARLOTTE, N.C., Sept. 15 -- Bank of America Chief Executive Officer Ken Lewis issued the following comments regarding President Barack Obama's September 14 speech regarding financial regulatory reform.
"A year ago this week, the U.S. economy was on the brink of disaster. Large and important financial institutions were failing, as was confidence in our financial system. Clearly, the actions taken by the federal government, in the previous and current administrations, effectively stabilized our financial system.
"President Obama called for reforms to our financial regulatory system that would address the excessive risk-taking, lack of transparency and proliferation of unregulated financial businesses that precipitated the financial crisis. We support the President's efforts to ensure adequate vigilance on systemic risk and enhanced simplicity and transparency in financial services products, while maintaining the innovation and efficiency that enable our financial system to drive economic growth in the U.S. and around the world."
Source: Bank of America
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