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New battle over banks shows Obama and Wall Street are on the same side

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04/30/2013 08:23 PM
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New battle over banks shows Obama and Wall Street are on the same side
• Stricter capital requirements on megabanks, defined as institutions with over $500 billion in assets.
• Six U.S. banks – JPMorgan Chase., Citigroup, Goldman Sachs, Morgan Stanley, Bank of America and Wells Fargo – meet the TBTF criteria.
• Eliminates risk-weights as part of a capital assessment (less reliance on unreliable ratings).
• Does not rely on ratings agency grades.
• Removes off-balance-sheet assets and liabilities as different class – they are treated as if they were on-balance sheet.
• Requires derivatives positions to be included in a bank's consolidated assets.
• Requires capital cushion that a bank hold be liquid
• Mandates capital measures be more transparent
• Eliminates Basel III as a regulatory requirement
• Restores competition to industry by removing competitive disadvantages mega banks have over smaller and regional community bankers.
For those people who complain Dodd-Frank is too complex, let's see how they like "the new simplicity."

[link to www.ritholtz.com]