BofA CEO Says Regulatory Reforms Will Be Good for U.S.

Brian Moynihan, CEO of Bank of America, discusses the bank's efforts in Harvey relief, regulatory reforms in Washington, and the importance of capital and liquidity requirements. He highlights the complexity of current financial regulations and the impact of new European financial rules. Moynihan emphasizes the need for simpler regulations while maintaining key principles, and notes the bank's strong research platform despite the challenges posed by these changes.

What are the key areas of focus for Bank of America in terms of regulatory reforms?

• Leadership and agency proposals

• European financial rules

• Hurricane relief efforts

• Capital and liquidity requirements

Why does Brian Moynihan believe current regulations are too complex?

• They focus too much on proprietary trading

• They involve too many agencies with different principles

• They are not enforced properly

• They are outdated and irrelevant

How does Bank of America plan to handle excess capital according to Moynihan?

• Expand internationally

• Increase employee salaries

• Return it to the market

• Invest in new projects

What is the main concern regarding the new European financial rules known as MiFID II?

• They are too lenient

• They are costly to implement

• They do not affect Bank of America

• They simplify trading processes

What is Moynihan's perspective on the impact of MiFID II on Bank of America's research platform?

• It will decrease its value

• It will not affect its operations

• It will maintain its leading position

• It will require a complete overhaul