Via the Washington Post:
This implicit support of the Volcker rule— a key feature of the Dodd-Frank financial reform law that prohibits banks from making speculative bets for their own profits—is unlikely to sit well with the likes of JPMorgan Chase and Citigroup. Neither company would comment for this article.
Ryan reiterated his distaste for mega banks in a July interview on CNBC regarding former Citigroup chairman Sandy Weil’s support of breaking up big banks. The congressman, who voted against Dodd-Frank, said the law “will consolidate the system to very large interconnected firms that have political connections.”
He called for replacing the law with a regulatory system that includes greater transparency and “does not put the government in the way of adding more moral hazards to the marketplace and triggering higher likelihood of taxpayer bailouts.”American Bankers Association chief executive Frank Keating said he hopes Ryan will keep an open mind about financial reform. Keating is encouraged by Ryan’s understanding of “the fiscal cliff, the great fear of national insolvency…the very real challenges facing the American economy.”
