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• W303863794 abstract "future authors of economic textbooks and financial histories are out there somewhere. Maybe they are in grade school. Maybe they are not even born yet. They'll be able to write, in neatly ordered reflection and hindsight, about most challenging period for current generation of bankers and leaders. And they'll wonder what it was like to live through it all, much as we, today, used to read about Depression and its landmark banking legislation, and marvel at how all that chaos created a financial system and parallel regulatory system that has, after all, worked reasonably decently for 75 years, and continued to prove itself in midst of an ongoing crisis period. But today's bankers, members of Congress, outgoing and incoming Administrations, and other players don't have luxury of reviewing history, all nicely tied up, and with knowledge that story had a decent ending. They're living--you're living--through all noise, opinion, conflict, angst, and stress that tectonic historical events bring. I truly believe that this next year is going to be as important as what happened in 1930s, for future of ABA's President and CEO Edward L. Yingling said in late 2008: There have been black eyes for everybody in current environment, both deserved and undeserved. But banking industry goes into new year with a reputational--and very real--advantage that other industries don't have, according to Floyd Stoner, ABA's Executive Vice-President for Congressional Relations. Through all this recent turmoil, he said, the insured depository model is model that has been ratified all way along. relative stability of traditional banking and its longstanding regulatory structure shouldn't be minimized, Stoner believes. In mid-December ABA Banking Journal met with Stoner and ABA's two other top government relations experts: Wayne Abernathy, executive vice-president, Financial Institutions Policy and Regulatory Affairs, and Robert Davis, executive vice-president, mortgage finance, risk management, and public policy. three are veterans between them of Capitol Hill, FDIC, Treasury Department, Commodity Futures Trading Commission, private sector, and academia, in addition to their many years of association work. Abernathy and Davis added to Stoner's point, which serves as a preamble to a discussion about Washington outlook. a bank gets into trouble, said Abernathy, there's a system to catch problem, to work it out, to make sure it's handled in an orderly fashion. When news of bank closures and resolutions are announced over a weekend, as is typical, it may mean unsettling headlines Monday morning, but FDIC and other regulators involved know routines and rules. Even where they find new twists, they are building on longstanding practices and experience. Davis pointed out this circuitry doesn't exist for other players. housing legislation of summer of 2008 was a good example, said Davis. For many years, an effort had been made to establish a bank-like regulator for Fannie and Freddie, he explained. was finally done five weeks before they were seized. That legislative package was an endorsement of strength of bank-like regulatory structure. And you're going to see more things like that. Without that structure, added Abernathy, what happened to Fannie and Freddie would have been a disaster. By contrast, no such formalized mechanisms exist even now in securities industry, Abernathy said. So you have had some very quick, fast dancing to try to create it on fly, he said, referring to such cases as Bear Stearns. The Federal Reserve was using banking programs to help out with Bear Stearns and later, Lehman Brothers problem. conversions of Morgan Stanley and Goldman Sachs to bank holding companies further support this point, said Stoner. …" @default.
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• W303863794 date "2009-01-01" @default.
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• W303863794 title "The Challenge Ahead: A New Congress, and a New Administration, Hold out the Potential for Major Revision of the American Financial System" @default.
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