Financial reform Goldman can love
May 7, 2010 | federal legislation, industry, positive media coverage | Comments (0)From Kimberly Strassel in the Wall Street Journal:
The bill does include endless pages of costly regulations, but heavily regulated banks employ entire departments to navigate rules. Yes, the new regs will shave off profits, but the real burden—including that of the infamous new Consumer Financial Protection Agency—will fall on their smaller credit competitors, who didn’t cause the crisis and don’t have the financial cushion to absorb these costs. Anyway, if the regulations are too onerous, the big players can shift more business overseas. It’s always big business that is best able to deal with big government.
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