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Bank of America CEO: U.S. consumer spending remains strong, and the industry is ready for regulatory easing.
On March 20, Jin Shi Data reported that Brian Moynihan, CEO of Bank of America, stated that American consumers continue to spend, while the banking industry is preparing for regulatory reforms - which will allow banks to enter industries they previously had to avoid. "These regulations are difficult for institutions to comply with because they involve reputational risks, which are often recognized only in hindsight... If these rules are changed, such downsides would not exist."