Citigroup executive Vikram Pandit to back reforms

[kpete]

Source: Politico

...................

In testimony before the Congressional panel overseeing the rescue of the banking industry, Pandit, who has remade Citigroup in his two years at the helm, will call for creation of a strong consumer watchdog, intensified government scrutiny of “systemic risk” and regulations that “promote transparency, particularly in the derivatives markets.”

His prepared statement was obtained exclusively by POLITICO’s Morning Money team.

In it, he says “Citi supports prudent and effective reform of the financial regulatory system. America – and our trading partners – need smart, common-sense government regulation to reduce the risk of more bank failures, mortgage foreclosures, lost GDP and taxpayer bailouts. Citi embraces effective, efficient and fair regulation as an essential element in continued economic stability.”

“….Banks should operate as banks, focused completely on serving their clients,” his testimony says, in apparent reference to proposals by Paul Volcker to restrict such activities as proprietary trading by banks.




Read more: http://www.politico.com/news/stories/0310/33903.html#ixzz0hDrmCBNx