Regulations implemented since the 2007-2009 financial crisis have only made the biggest U.S. banks bigger and hurt competition in the industry, Gary Cohn, the former director of the U.S. National Economic Council said on Monday at an event hosted by Reuters Breakingviews.
“We haven’t ended ‘too big to fail,’” Cohn said. “We made rules and regulations that made (the big banks) bigger. Congratulations.”
Reporting by Anna Irrera; Writing by Lauren Tara LaCapra; Editing by Lisa Shumaker