Foreign Policy Blogs

ABA CEO: Populist Outrage 'Is Perplexing to Us'

ABA CEO: Taxpayer outrage "is perplexing to us."

ABA CEO: Taxpayer outrage "is perplexing to us."

Following the lead of Europe’s approach to their financial industry reforms, the Obama Administration in coming weeks is poised to take a more aggressive stance with the financial industry.  To date, the Administration’s Achilles heel in its reform efforts has been US Treasury Secretary Tim Geithner’s soft touch with Wall Street. He has come under increasing scrutiny critical of his cozy and fraternal relationship with Wall Street.  Many say Geithner, as a regulator and later as the financial industry’s ‘Bailout king,’ often aligned reform policy with the industry’s interests and desires above those of consumers and taxpayers.  However, tiring of the financial industry’s tone deafness to the nation’s populist outrage, the Administration is weighing a levy aimed at recovering bailout tax dollars and help in reducing the federal budget deficit in the first of a series of strict industry reforms being addressed on Capitol Hill this year from government-rescued financial firms.

In response to the proposed measures, Edward Yingling, President & CEO of the American Bankers Association (ABA), the banking sectors powerful industry lobby, said “It is perplexing to us,” why the Administration is seeking tougher regulatory reforms to ensure recouping taxpayers investment in the bank bailouts. Read more here.

Source:  HuffPo & NYT                           Image:



Elison Elliott

Elison Elliott , a native of Belize, is a professional investment advisor for the Global Wealth and Invesment Management division of a major worldwide financial services firm. His experience in the global financial markets span over 18 years in both the public and private sectors. Elison is a graduate, cum laude, of the City College of New York (CUNY), and completed his Masters-level course requirements in the International Finance & Banking (IFB) program at Columbia University (SIPA). Elison lives in the northern suburbs of New York City. He is an avid student of sovereign risk, global economics and market trends, and enjoys writing, aviation, outdoor adventure, International travel, cultural exploration and world affairs.

Areas of Focus:
Market Trends; International Finance; Global Trade; Economics