Lewis publishes his comments on Obama’s financial regulatory reform

As it became known Tuesday, Ken Lewis, BofA’s CEO, released his statement concerning President Barack Obama's September 14 speech on financial regulatory reform.As Lewis stated, the economy of US was on the “brink of disaster” a year ago, when the majority of large and important financial institutions were failing. However, the actions taken by the federal government effectively stabilized the US financial system, he considers. Lewis also said in his statement that Obama called for reforms to the financial regulatory system that would address the excessive risk-taking, lack of transparency and proliferation of unregulated financial businesses that precipitated the financial crisis. So, BofA’s CEO unveils the intention to support the President's efforts to ensure adequate vigilance on systemic risk and enhanced simplicity and transparency in financial services products, while maintaining the innovation and efficiency.