BofA’s Moynihan Says Proposed Rules for Banks Need to Change
- ‘I do not think it is the right balance,’ CEO says of proposal
- Even US regulators have disagreed about the proposal
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Proposed regulatory changes that would require an increase in capital at major US banks need to be altered, Bank of America Corp. Chief Executive Officer Brian Moynihan said.
“There is going to be debate around changing — it will probably change, but we will see it play out, and even the Fed itself has said that,” Moynihan said Thursday in a Bloomberg Television interview from the World Economic Forum in Davos, Switzerland. “Do they have to change it? Yes, because I do not think it is the right balance.”