At the Yahoo Finance Invest conference, Bank of America (BAC) Chairman and CEO Brian Moynihan tells Yahoo Finance executive editor Brian Sozzi the banking industry has shown “resiliency” following the regional banking crisis and would welcome changes to regulation.
“I think our job as an industry is to make sure that we do it in a way that is fair in all aspects. Fair to the companies, so they can support the economy… Fair to the consumers, fair to the investors and fair to the American economy. And also at the end of the day, our industry is capitalized, the best in the world, liquidity, best in the world.”
Looking ahead to a second Trump administration, when it comes to trimming federal government expenses, Moynihan says, “any enterprise can always be more effectively run,” saying the same cost-cutting measures used in the private sector can be applied to government as well. He also calls for increasing the supply of housing and other commodities that are facing high demand.
But despite his past work with President-elect Donald Trump, after his fifteen-year tenure as CEO of the major bank, Moynihan says he feels no need to get involved in politics, feeling he can have as much of an impact in his current role.
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This post was written by Kayla Hawkins.