Brian Moynihan spent his first official day on the job speaking at the economic forecast forum in downtown Raleigh.
He says Bank of America has helped modify hundreds of thousands of mortgages to avoid foreclosure. They'll also be able to loan $5 million to small business to get the economy moving.
Moynihan says Bank of America would not have survived if it hadn't been for federal bailout money which it has now paid back.
"We believe that both prior and current administrations deserve credit for pursuing an unpopular but necessary solution. We believe that it in fact work. Just look at our company. The key lesson from all this is never again. We can never again let our company or our industry get into this position," he said.
Moynihan and experts at B of A are predicting global economic growth will only be about 4 percent while the U.S. economy will likely grow by about 3 percent. They also believe the unemployment rate will remain high for some time.