Congress is Warned About Over Regulation of Financial Industry

Posted by Sara M. Varese

Many criticized and accused the previous administration of under regulating the financial industry which led to national and global financial meltdown and up to a certain extend those were accurate claims.

However the current administration is also being criticized and accused of over regulating the financial industry, hence making it harder for many banks and lending institutions to lend to individuals and small businesses as the result the economy continue to hurt which is resulting in many people and businesses to borrow short term cash loans from payday lenders.

According to CNBC, Sen. Judd Gregg who is a republican member Senate Banking committee warned US congress of overreacting to the financial reform which could risk in resulting “another Sarbanes-Oxley-type piece of legislation“.

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