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.
Nearly 8.5 million new passenger cars were registered in EU in first half of 2018, says manufacturers' association
Economic partnership agreement is biggest ever negotiated by EU and will create an open trade zone
BIST 100 rises 0.08 pct; US dollar/Turkish lira exchange rate stands at 4.8420
The dollar was up versus the yen but down against the euro and pound, with all eyes on US President Donald Trump's summit with Russian counterpart Vladimir Putin in Helsinki.
Tax revenues totals nearly $72.1 billion while interest payments amounts to over $8.2 billion in January-June period
BIST 100 rises over 700 points; USD/TRY exchange rate stays at 4.8360
Country's egg, chicken, turkey, and meat production climbed in May on yearly basis, says official data
BIST 100 rises over 400 points, while USD/TRY exchange rate drops to 4.8460
Saudi Arabia intends to invest as much as $10 billion in South Africa’s economy, with a focus on energy projects
Share of young people in Turkey age 15-24 who are not in employment, education, or training down 4.5 pct in Q1 year-on-year
Treasury and Finance Minister Berat Albayrak says effective Central Bank is among main policy targets of new era
The European Commission, the EU's executive arm, said the 19-country single currency bloc would expand by 2.1 percent in 2018, lower than the 2.3 percent forecast just weeks ago in early May.
Country's central government research and development expenditures rise by 17.5 percent year-on-year in 2017
The IEA welcomed in its July report last month's agreement between the Organization of the Petroleum Exporting Countries (OPEC) and Russia to open the taps in order to bring prices down from multi-year highs.
In its monthly report, the Organization of the Petroleum Exporting Countries said buoyant world trade in 2017 and 2018 had helped impulse economic growth, and therefore demand for crude.
12-month rolling deficit stands at $57.6 billion, Turkish central bank says