Republican Senator Mike Johanns says there has been continued bipartisan efforts with Financial Regulatory Reform, despite some bumps along the way. However, Johanns says there still are some things that need to be worked out. He says we do have to regulate consumer protections, but not over regulate based on the efforts of some bad actors.
“I just continue to worry about the impact on community banks and others who provide credit, they didn’t have a role in the economic meltdown and yet it just seems they continue to be drawn into the regulatory piece of this.”
Johanns says we do need to regulate derivatives. He says if it is done in a way that is overbearing, you’ll drive that derivative business overseas.