ST. LOUIS (Reuters) - Financial firms should not be able to choose their own regulator, White House economic adviser Lawrence Summers said on Monday.
He said the practice of “charter flipping,” in order to report to a particular regulator, encouraged lax standards and higher capital and leverage rules were needed to make the financial system more resilient in times of crisis.
“We haven’t seen the last bubble,” Summers said in response to a question at an economics conference here.
Reporting by Emily Kaiser
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