“We’re quite clearly opposed [to the Tier 1 reforms]…These [organizational] structures were certainly not a cause of the crisis, and the proposal would also unnecessarily affect important sources of lending at a time when the country needs lending.”
—Brackett Denniston, general counsel at GE Capital, on why the firm is lobbying against proposed U.S. regulations that would subject companies with finance-related subsidiaries to bank-like capital requirements.
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