Big Bank CEOs testified in front of the Senate Banking Committee on Wednesday as part of lawmaker's annual oversight of the financial sector, discussing the Federal Reserve's proposed Basel III Endgame provisions for capital requirements. Whalen Global Advisors Chairman Chris Whalen believes Congress' proposals appear to be misguided in lawmakers' attempts to rein in and regulate the banking industry. "The rationale for a lot of these changes is wrong, and I also think that, unfortunately, the Fed had an opportunity to work with the industry to really address current problems," Whalen tells Yahoo Finance. "But they keep coming back to capital." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Smart Beta ETF report for GLOV
One stock in my portfolio that falls into this category is investment banking giant Goldman Sachs (NYSE: GS). Here's why I bought shares of Goldman in the first place, what went wrong, and why I've decided to sell my shares and move on. At the time, Goldman's CEO, David Solomon, was all-in on consumer banking.