The only banking news that is likely to emanate from Washington, for the next few years is going to be positive for the industry, analyst Dick Bove says.
The House Banking Committee held a hearing on Wednesday to discuss the financial stability of the nation's biggest banks. It requested the presence of the top CEOs to field questions on their finances. However, virtually no queries were posed on financial stability in a hearing that lasted possibly five hours or more.
The banks and their investors had won. The only banking news that is likely to emanate from Washington, for the next few years, is going to be positive for the industry. The stringent regulations that have been restricting banking for a decade are likely to be loosened. From my perspective, this will be good for the nation and its economy.
Now the regulators would tell bankers how big their companies could get, how much money had to be placed into liquid assets, which loans they could or could not make, where they had to find their funding sources, how much capital they were required to hold against in various businesses, and much, much more.There was no passion in the hearings held this week. There were the obligatory statements that bankers were inherently dishonest.
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