U.K. style bank regulation for U.S.?

U.S. banks could be headed toward U.K.-style regulation under the Trump administration according to recent written responses by Treasury Secretary nominee Steve Mnuchin, the New York Times reported. “In his written comments, Mr. Mnuchin said that ‘a bright line between commercial and investment banking…may inhibit the necessary lending and capital markets activities to support a robust economy. So what does Mr. Mnuchin want? So far, he isn’t saying. But one possibility would be a ‘ringfencing’ of retail bank operations such as that being put in place in the U.K., says Karen Petrou, an analyst at Federal Financial Analytics.”

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