(10 December 2008 – USA) Bank of America’s chief executive has made a call for clear and effective regulation of the banking industry amidst a crippling credit crisis.According to Bank of America chief executive, Ken Lewis, companies in the financial services industry have a responsibility to balance competing market goals and should support clear and effective regulation of the industry.
Lewis said that it is important for each business within the industry to help the industry find a new balance between the desire for economic growth and the need for market stability.
He also said that the changes caused by the economic crisis would be a sector with a different look and credit markets that would feature simpler products.
Bankers, he said, should show determination in the face of this generation’s greatest economic challenge.
Lewis further noted that the role of the financial services sector is to help and support other industries, such as manufacturing.
Therefore, the banking industry should be more flexible when met with new regulation stemming from the financial crisis and should support clear and effective regulation, Lewis concluded.