Bank of America chief praised by Obama aide

13 May 2010

Bank of America's (BoFA) chief executive officer Brian Moynihan has come in for praise from a leading aide in the Barack Obama administration.

Valerie Jarrett, a liaison officer with corporate America for the President, told Bloomberg that Mr Moynihan is one of the few leading figures on Wall Street to accept the need for changes to how the financial sector is regulated.

"He has been willing to speak out bravely in his industry on the need for reform measures," she said.

"And he has been willing to … roll up his sleeves and work on the issue."

Among the changes supported by the BofA chief is the introduction of a consumer financial protection agency, as well as initiatives designed to provide better banking support for small businesses.

When Mr Moynihan was appointed as chief executive officer at the bank at the turn of the year, he said that it was important for the industry to ensure the mistakes that led to the financial crisis were not repeated.

By Claire Archer

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