Sheila Bair, chairman of the FDIC, is advocating for industry reforms which will bring regulatory standards for non-banks up to the same stringency that banks face. Bair spoke to bankers in Chicago on Oct. 26 during the annual convention of the American Bankers Association. Earlier in the day, she spoke to a group of protestors who organized a large demonstration in Chicago intended to coincide with the ABA meeting. It is pretty obvious there were regulatory gaps that drove the current crisis: we view the heart of this to be the arbitrage between the bank and non-banking sector, she said in unscripted comments from the general session stage at the Sheraton Hotel.
Reg reforms should level playing field, FDIC Chair says Tom Bengtson Northwestern Financial Review; Nov 15-Nov 30, 2009; 194, 22; Docstoc pg. 17 Reproduced with permissio
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