BNY Mellon's (BK) Chairman/CEO Comments at Detroit Economic Club
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Robert P. Kelly, chairman and chief executive officer of BNY Mellon (NYSE: BK), outlined a series of steps designed to reduce the risk of another major financial crisis in a speech today at the Detroit Economic Club.
"Consumers are saving more and reducing debt, which is exactly what they should be doing. With the exception of some financial institutions and the auto industry, businesses are navigating the downturn fairly well. Where we need to focus our attention is on closing the gaps in our regulatory system, and doing so thoughtfully," Kelly said.
Kelly, who chairs committees on modernizing and reforming the U.S. financial supervisory framework for both the Financial Services Roundtable and the Financial Services Forum, highlighted a set of recommendations for strengthening the financial system that includes:
Ensuring appropriate standards for capital and liquidity for financial institutions globally; Creating an orderly wind-down process for all financial firms deemed to be "systemically important." No institution should be too big to fail; and Fixing our residential mortgage system and deciding whether our government should remain in the business.
Kelly also called for a new era of international regulatory cooperation and convergence. "It's critical that U.S. reforms not be created in a vacuum. The financial crisis has highlighted how highly interconnected the global financial marketplace has become. The stability of the system calls out for truly global standards for both regulation and accounting, which will also help ensure that U.S. financial companies are competing on a level playing field with the rest of the world."
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