BofA says regulators need ‘sober look’ at rules

Capital requirements: A worker on the floor of the New York Stock Exchange watches Fed chairman Jerome Powell on TV. Banking executives say the Fed’s and other regulators’ proposals would harm the economy and low-income borrowers most of all. — AP

NEW YORK: Bank of America Corp chief executive officer (CEO) Brian Moynihan says regulators need to re-assess and relax rules they set for banks in what could be the biggest change for the industry under a Trump administration.

“Our industry needs to have a sober look at the right regulation,” Moynihan, 65, said in an interview with Bloomberg Television.