It was not evident that Section 716 makes the company as a whole safer, and what we do see is that it will likely increase costs to people who use the derivatives and make it more difficult for the bank to compete with foreign competitors who can provide a more complete set of services.
Bernanke highlights concerns about Section 716's impact on safety and competition.
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Lower paid workers, as well as women and minorities, are over-represented in the most affected sectors, and, thus, have borne a disproportionate share of the job and income losses.
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