Past FDIC Chairman Sheila Bair

“Not everyone in the industry is bad, and not all members of the industry will be supporting efforts to roll back reform. After two and a half decades in Washington, I have learned that those who are most active in lobbying the government are generally those with the weakest business practices, as they have the most to lose from regulation. Unfortunately, the good industry players usually remain silent but not always. For instance, Ed Clark, CEO of TD Bank Group, has courageously spoken out in favorof the new Basel III capital standards and a return to traditional banking. But precrisis, most responsible banks stood idly by as we fought off Basel II and tried to tighten lending standards. That was the appeal I tried, unsuccessfully, to make to the American Bankers Association: that better-managed banks—like Main Street voters—need to stand up and be counted when regulators take measures to constrain bad practices that risk tainting the entire industry.”

Excerpt From: Bair, Sheila. “Bull by the Horns.” Free Press. iBooks.

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