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July 24, 2008 8:03:40 AM CDT

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Small Banks, States Rip Paulson Plan

Posted Apr 1, 08 9:18 AM CDT in Business 

(Newser) – Small banks, credit unions, states, and assorted politicians wasted no time ripping into the Bush administration’s plans to rework federal regulation of the financial industry, calling it an amateurish attempt by a “bunch of guys from Wall Street,” reports the Wall Street Journal. “It’s because none of those guys ever worked in a regulated, chartered bank," said one lobbyist for small banks.

Small banks worry new rules will favor bigger banks, credit unions fear rules that could force them to behave more like banks, and states worry federal oversight won’t be as vigilant as a state agency can be. Democratic Sen. Chris Dodd, chairman of the Senate Banking committee, called the proposals a "wild pitch."

Source Wall Street Journal

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Treasury Secretary Henry Paulson announces the biggest overhaul of financial regulation since the Great Depression.   (AP Photo/J. Scott Applewhite)
Treasury Secretary Henry Paulson takes a reporter's question after announcing the biggest overhaul of financial regulations since the Great Depression.   (AP Photo/J. Scott Applewhite)
Treasury Secretary Henry Paulson announces the biggest overhaul of financial regulations since the Great Depression.   (AP Photo/J. Scott Applewhite)
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Bush administration  • Henry Paulson  • Christopher Dodd  • Treasury Department  • bank regulation


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