World Bulletin / News Desk
A top Trump administration financial regulator said Wednesday that tough bank capital requirements should be "recalibrated" as part of a regulatory pullback in order to boost economic growth.
J. Christopher Giancarlo, tapped by Trump on Tuesday to serve as chair of the Commodity Futures Trading Commission, also said regulators had gone too far in putting restrictions on financial derivatives after the 2008 financial crisis.
"Today, America's derivatives markets are struggling, in some cases, under the weight of flawed and excessive regulation," Giancarlo said in an address to a futures industry conference in Boca Raton, Florida.
Strict capital requirements on banks after the 2008 financial crisis were emblematic of the heavy-handed approach and needed to be rethought, said the official, who has been a member of the commission since 2014, but will require Senate confirmation to take the agency's top job although he currently serves as acting chair.
Supporters of the requirements say they are necessary to safeguard the financial system and prevent the excesses that led to the crisis, but large banks gripe that the limits have boxed them in and restricted their ability to return cash to shareholders.
Giancarlo said the rules were misguided because they heightened liquidity risk.
The CFTC focuses on derivatives but also has a hand in overall financial regulation through the joint Financial Stability Oversight Council, which also includes the Federal Reserve, Treasury and other regulators.
He also launched what he labeled as "Project KISS," for "keep it simple stupid," an initiative to simplify new rule implementation to be led by CFTC chief of staff Mike Gill, who also will have the title of "Regulatory Reform Officer."
Giancarlo also established a chief market intelligence officer to report directly to the chairman in an effort to set more future-oriented policies.
IFC CEO Philippe Le Houerou said the fund will "lower the risk for the private sector and attract new investors -- essentially creating a market where there was none."
BIST 100 index opens 0.67 percent higher, US dollar/Turkish lira rate stands at around 3.64
Tightening monetary policies will continue to achieve lower inflation levels, Murat Cetinkaya says
Company will manage operations in 65 countries through Turkey, says head of healthcare group
"We might have to extend in order to reach the target... of stock levels," Khalid al-Falih told an energy forum in Abu Dhabi, referring to a deal between OPEC and non-OPEC producers to cut production by around 1.8 million barrels per day.
BIST 100 index opens 0.40 percent higher; US dollar/Turkish lira rate stands at around 3.66
Crude prices plummet to two-and-a-half month low
Businesses in Turkey expect structural reforms following referendum, says rating agency
"We are optimistic that the policy measures we have taken already place us on the path of recovery," OPEC Secretary General Mohammad Sanusi Barkindo said at an energy forum in Abu Dhabi.
The IMF said "hundreds of millions" of people have been lifted out of poverty through economic integration and technological progress, "helping to reduce global income inequality."
In its latest World Economic Outlook report, the IMF cut its 2017 growth forecast for the region comprising the Middle East, North Africa, Afghanistan and Pakistan to 2.6 percent, down from the 3.1 percent projected in January.
BIST 100 index opens 0.20 percent lower, US dollar/Turkish lira rate stands at around 3.69
It is now time to make progress by preserving freedoms, pluralism and solidarity: Turkey's largest business association
Number of unemployed rises by 1.9 percentage points in January year-on-year, says state agency Turkstat
Beijing has said it wants to transition away from a reliance on debt-fuelled investment and towards a consumer-driven economic model, but the transition has proved bumpy.