The IHS report says the exemptions in the final rule, expected later this year, need to be broadened to avoid negative impacts on energy companies.
"The economic analysis demonstrates the possible unintended consequences that the proposed rule, in its current form, could have on broader segments of the U.S. economy," Kurt Barrow, another author of the report, said in a release.
Morgan Stanley and other big Wall Street banks have been lobbying regulators to ease up on the restrictions that policymakers have said are needed to reduce excessive risk taking by banks that rely on federal backstops such as deposit insurance and access to Federal Reserve loans.
Banks have sought to get industries outside the financial sector to express concerns about the rule to help sway regulators that complaints are not confined to Wall Street's executive suites.
Some officials, however, have expressed skepticism at studies commissioned by the banking industry.
"I think we all need to be a little bit wary of the false precision that sometimes is associated with analytical advocacy," Fed Governor Daniel Tarullo said at a U.S. House of Representatives hearing in January.
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