BOSTON -- The Bus administration, the banking industry, and its regulators have "failed miserably" in attempts to convince Congress of the necessity to reform banking laws, Federal Reserve Governor John P. LaWare said in a speech to the American Bankers Association convention.

Mr. LaWare proposed forming a private-sector commission to study and recommend legislative changes that would keep the industry competitive.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.