Commentary: U.S. Banking in an Increasingly Integrated and Competitive World Economy

Abstract

Not surprisingly, I agree with the thrust of what George Benston had to say. His article essentially argues that U.S. bankers are still innovative despite their higher cost of capital and heavier regulatory burden and that U.S. banks need to be able to offer a broader set of products over wider geographical regions. My intention, therefore, is simply to emphasize a few points that I believe are particularly important.⁰