NEW YORK England Soccer Jersey , March 25 (Xinhua) -- The United States banking industry is in a total safe state and it is ready for some deregulation to sustain development, former Chairman and CEO of Morgan Stanley John J. Mack has said here.
The regulatory oversight now is dramatic in the financial sector, the amount of capital that firms appearing is huge, and the amount of risk has been de-risked, Mack said in an event titled ""Conversations with Global Business Leaders"" in New York on Thursday.
Mack, the CEO who led the investment bank through the 2008 financial crisis Jordan Pickford England Jersey , said that situation now is completely different from nine years ago in the banking industry.
The financial crisis in 2008 began with a crisis in the U.S. subprime mortgage market, and developed into a global banking crisis with the collapse of the investment bank Lehman Brothers. Many considered that excessive risk taken by banks was the major cause of the crisis.
""Today there are a lot more regulation; the Federal Reserve is much more involved in the risks that investment banks take. The banks clearly remember what they went through, there is much more focus on risk control,"" Mack said.
""Now I don't see any risk from overexposure too much leverage, also we have done a lot of work on cleaning up the housing market and mortgages,"" he added.
In response to the 2008 financial crisis Marcus Rashford England Jersey , former U.S. President Barack Obama enacted a bill called the Dodd-Frank Act in 2010.
Under the law, regulators introduced strict capital standards on banks, called for annual stress tests for systemically important banks, and created the Consumer Financial Protection Bureau.
However, U.S. President Donald Trump has vowed to scale back Dodd-Frank Act, saying the Wall Street reform law is a ""disaster"" and ""horrible"" for business vitality.
The financial sector in the stock market posted sharp gains since Trump was elected Danny Welbeck England Jersey , surging 18 percent on his promise to cut bank regulations.
Trump's viewpoints were echoed by Mack, who said that too much regulation may hurt the market.
""There does need some change in the regulatory oversize,"" he said. ""The stocks may go down in the future with too much control.""
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○ China celebrated its second National Security Education Day on Saturday by promoting anti-espionage awareness in schools
○ Military experts say China is now faced with a much more complicated State security situation than before
A border control officer gives a lecture to primary school students during the second National Security Education Day in Qinhuangdao, Hebei Province, on April 15. Photo: IC
Counter-espionage, a phrase that may sound obscure to today's children Dele Alli England Jersey , was used a lot recently as the government tried to ensure everyone takes China's security into their own hands on National Security Education Day.
Last Saturday, the first set of readers about national security aimed at middle and primary school students were officially published in Nanjing, East China's Jiangsu Province.
The books use easy-to-read language and comics to spread knowledge about national security, the threat apparently posed by spies and how to spot potential terror threats. It also contains games like ""find the spy,"" to drum the concept of national security into students, as Jiangsu People's Publishing LTD (JPP) Lewis Cook England Jersey , publisher of the books, told the Global Times.
The book release is just one of a myriad of activities that went on this National Security Education Day, the country's second. The new occasion is part of a broader official drive to deal with national security issues through societal and legal means. In November 2014, China implemented its first Counter-espionage Law. In July 2015, China's new National Security Law was promulgated.
This year, besides eye-catching street banners Ashley Young England Jersey , community publicity events, vivid videos and graphs shared online that try to convince the public at large of the importance of national security, students from primary schools to colleges were specifically targeted by this publicity drive to mobilize them as a huge counter-spy force.
""We can never be too careful even in peacetime. Spies and secret agents might be all around us,"" Wang Dawei, a professor with People's Public Security University of China, told with the Global Times.
Nationwide education
The books recently published in Nanjing Jake Livermore England Jersey , which draw their content from the National Security Law, Counter-espionage Law and the Anti-terrorism Law, have been seen by the publishers as touching on a subject that many young people are unfamiliar with.
Even though espionage cases make headlines from time to time, it is hard for students to relate these cloak-and-dagger stories to their own lives. These books seek to make these abstract concepts specific and touchable.
""The books went through tests and amendments in the past year, and will be used on a large scale from this year on,"" the publishing house revealed Chris Smalling England Jersey , ""It is very trendy for middle and primary students to receive this kind of education given the increasingly complicated world situation.""
Students at Central China Normal University, in Wuhan, Hubei Province, received a lecture about their role in ensuring national security from Shao Yongling, a senior colonel from the People's Liberation Army Rocket Force Command College who specializes in intelligence, three days before National Security Education Day. The event Eric Dier England Jersey , which was broadcast live in all Hubei schools, was viewed by 1.53 million college students and 5.52 million primary and middle school students.
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