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Business Daily: Banking regulation

08/07/2009

Banking regulation

BBC World Service - Business Daily, Banking regulation

Can the banks strangle new sharp-toothed watchdogs?

Is it business as usual for bankers or are new sharp-toothed, keen-eyed watchdogs about to be unleashed on them.

On both sides of the Atlantic at the moment, all the focus is now on bank regulation.

The British finance minister says it would be "disastrous" for bankers to return to their old ways. 

The Swiss have indicated they might curb the size of banks.  

And in the United States, President Obama wants what he calls "a sweeping overhaul".

All these elements coalesce this week at the G8 Summit of world leaders where, no doubt, American views will be prominent. After all, Wall Street was the epicentre of the financial earth-quake.   

We talk to the man doing the lobbying of law-makers on behalf of the banks, Scott Talbott, senior vice president of the Financial Services Roundtable that comprises the largest financial firms.  

These firms particularly don't like the proposal for a new Consumer Financial Protection Agency just to keep an eye on banks and things that behave like banks.

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