WASHINGTON -(Dow Jones)- Three U.S. Senate Democrats are calling for the Obama administration to replace the acting head of a key bank regulator, arguing that he is battling against strict regulation of large financial firms.
Acting Comptroller of the Currency John Walsh, in a speech in London on Tuesday, said additional capital requirements for large firms being imposed by U.S. and international regulations should be "modest" and warned that "we are in danger of trying to squeeze too much risk and complexity out of banking."
Walsh's comments brought a stern rebuke from Sens. Jack Reed (D., R.I.), Jeff Merkley (D., Ore.) and Carl Levin (D., Mich.). The three senators urged the Obama administration to submit its nominee to lead Office of the Comptroller of the Currency, underscoring the growing frustration at the slow pace that the administration is filling critical regulatory openings, particularly in the financial realm.
Read more: http://www.foxbusiness.com/industries/2011/06/22/senators-call-for-obama-to-replace-occs-walsh/#ixzz1Q4Om9Luz
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