NEW YORK Brandon Carlo Bruins Jersey , March 25 (Xinhua) -- The United States banking industry is in a total safe state and it is ready for some deregulation to sustain development, former Chairman and CEO of Morgan Stanley John J. Mack has said here.
The regulatory oversight now is dramatic in the financial sector, the amount of capital that firms appearing is huge, and the amount of risk has been de-risked, Mack said in an event titled ""Conversations with Global Business Leaders"" in New York on Thursday.
Mack, the CEO who led the investment bank through the 2008 financial crisis Chris Wagner Bruins Jersey , said that situation now is completely different from nine years ago in the banking industry.
The financial crisis in 2008 began with a crisis in the U.S. subprime mortgage market, and developed into a global banking crisis with the collapse of the investment bank Lehman Brothers. Many considered that excessive risk taken by banks was the major cause of the crisis.
""Today there are a lot more regulation; the Federal Reserve is much more involved in the risks that investment banks take. The banks clearly remember what they went through, there is much more focus on risk control,"" Mack said.
""Now I don't see any risk from overexposure too much leverage, also we have done a lot of work on cleaning up the housing market and mortgages,"" he added.
In response to the 2008 financial crisis Anders Bjork Bruins Jersey , former U.S. President Barack Obama enacted a bill called the Dodd-Frank Act in 2010.
Under the law, regulators introduced strict capital standards on banks, called for annual stress tests for systemically important banks, and created the Consumer Financial Protection Bureau.
However, U.S. President Donald Trump has vowed to scale back Dodd-Frank Act, saying the Wall Street reform law is a ""disaster"" and ""horrible"" for business vitality.
The financial sector in the stock market posted sharp gains since Trump was elected Bobby Orr Bruins Jersey , surging 18 percent on his promise to cut bank regulations.
Trump's viewpoints were echoed by Mack, who said that too much regulation may hurt the market.
""There does need some change in the regulatory oversize,"" he said. ""The stocks may go down in the future with too much control.""
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○ China celebrated its second National Security Education Day on Saturday by promoting anti-espionage awareness in schools
○ Military experts say China is now faced with a much more complicated State security situation than before
A border control officer gives a lecture to primary school students during the second National Security Education Day in Qinhuangdao, Hebei Province, on April 15. Photo: IC
Counter-espionage, a phrase that may sound obscure to today's children Jake DeBrusk Jersey , was used a lot recently as the government tried to ensure everyone takes China's security into their own hands on National Security Education Day.
Last Saturday, the first set of readers about national security aimed at middle and primary school students were officially published in Nanjing, East China's Jiangsu Province.
The books use easy-to-read language and comics to spread knowledge about national security, the threat apparently posed by spies and how to spot potential terror threats. It also contains games like ""find the spy,"" to drum the concept of national security into students, as Jiangsu People's Publishing LTD (JPP) Charlie McAvoy Jersey , publisher of the books, told the Global Times.
The book release is just one of a myriad of activities that went on this National Security Education Day, the country's second. The new occasion is part of a broader official drive to deal with national security issues through societal and legal means. In November 2014, China implemented its first Counter-espionage Law. In July 2015, China's new National Security Law was promulgated.
This year, besides eye-catching street banners Torey Krug Jersey , community publicity events, vivid videos and graphs shared online that try to convince the public at large of the importance of national security, students from primary schools to colleges were specifically targeted by this publicity drive to mobilize them as a huge counter-spy force.
""We can never be too careful even in peacetime. Spies and secret