Comment Text:
It is essential that the role of this committee and our government in the wake of the 2008 financial crisis remains to establish rules that protect the public and reduce exposure to future bailouts. It is NOT the government's responsibility to protect the revenue streams of the investment and banking firms.
Banks have been able to build up their capital levels quite well the last 3 years through low-interest gov't loans and large splits on the consumer end. We have long surpassed the point where we should worried about de-stabilizing the banking industry by splitting them up into separate retail banking and proprietary trading houses. A clear split and capital ratio requirements seam like a very logical solution, that for some reason is very difficult to accomplish. The Bank executives are representing their shareholders and the ability to pull in profits, nothing more. The concept that they are worried about the economy as a whole or the rest of the country is laughable. They have proven time and again that is not the busines that they are in. I respect their ability to make profits, but why they have a seat at the table in these discussions is incredibly corrupt.
We are about 4 years removed from Bear Stearns and Lehman and the bank regulators still have not effectively come up with a real solution. The time is running out, this is why this group was formed, it is time to act and do your job.
Sincerely,
David Schlecht
