The Financial Services Roundtable,a trade group,has been digesting the new financial reform bill just signed into law by President Barack Obama.They're in the accepting reality stage,said CEO Steve Bartlett.Their industry finances about 65% of the American economy.Most people believe there will be some diminution of credit because of the new law.Lending has been pretty flat for a couple of quarters as it is.The systemic risk part of the law is really good.They're just gonna live with the new law.They're just gonna make it work.
JP Morgan Chase,Fidelity and State Farm are among the trade group's members.Pure investment banks such as Goldman Sachs are not.Goldman Sachs is a great,very sophisticated company.Although they're not members,it's important to the economy that they do well.
Price controls on debit cards are a scary thing.The breadth of the law's consumer protection language is beyond belief.You shouldn't have regulations for price controls or product selection.The free checking is probably gonna go away to pay for the new debit card rule.The industry and some of the companies did go overboard with fees,admitted Steve Bartlett of the Financial Services Roundtable.
Mr.Bartlett is a former Member of Congress and mayor of Dallas.
JP Morgan Chase(JPM),Goldman Sachs(GS)
Showing posts with label financial reforms. Show all posts
Showing posts with label financial reforms. Show all posts
Sunday, July 25, 2010
Sunday, July 11, 2010
TIAA-CREF Bullet Points
Roger W. Ferguson,CEO of pension fund manager TIAA-CREF,has a number of bullet points on his mind for investors.With regard to financial reforms,there needs to be:
1.More emphasis on risk
2.More emphasis on liquidity
3.Capital,capital,capital
4.Dedication to serving the consumers.
As for retirement,investors should:
1.Start saving earlier,setting aside 10-14% of income for a safe nest egg
2.Have a good,diversified portfolio that reflects their risk appetites,selected from 10-20 options
3.Seek out objective advice from non-commission advisors
4.Realize that with living for 20-30 years in retirement,you will need guaranteed income in the form of an annuity.
TIAA-CREF is regarded as one of the most painstaking money managers active in the market today.CEO Roger W. Ferguson was Vice-Chairman of the Federal Reserve from 1999-2006.
1.More emphasis on risk
2.More emphasis on liquidity
3.Capital,capital,capital
4.Dedication to serving the consumers.
As for retirement,investors should:
1.Start saving earlier,setting aside 10-14% of income for a safe nest egg
2.Have a good,diversified portfolio that reflects their risk appetites,selected from 10-20 options
3.Seek out objective advice from non-commission advisors
4.Realize that with living for 20-30 years in retirement,you will need guaranteed income in the form of an annuity.
TIAA-CREF is regarded as one of the most painstaking money managers active in the market today.CEO Roger W. Ferguson was Vice-Chairman of the Federal Reserve from 1999-2006.
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