Morgan Stanley CEO John Mack said that a single regulator should oversee financial institutions worldwide, reports Bloomberg. “A better system would be one uber-regulator,” Mack said in an interview in New York for Bloomberg Television’s “Conversations with Judy Woodruff.”
“We do need an overall systemic-risk management that everyone buys into. It’s not a U.S. systemic boundary — it’s a global systemic risk manager,” he added.
Mack believes that a global regulator would ensure that U.S. banks aren’t subject to harsher regulations compared to the rest of the world. He pointed out that the push for regulation has weakened as the Obama administration focuses its attention on other tasks. “I think the crisis is over,” Mack said in yesterday’s interview. “What I worry about is that we lose momentum with some of the regulatory changes that we need to go through.”