HONG KONG — Former U.S Senator Paul Sarbanes (D-Md), one of the original authors of the Sarbanes-Oxley law, told reporters in Hong Kong today that, in his opinion, U.S. financial regulators need to better use regulatory authority they have already.
Sarbanes spoke before a general session of World Council of Credit Unions' World Credit Union Conference.
He stressed that while regulators may need additional authority to further regulate some previously unregulated entities, such as investment banks, he had long urged regulators to use the laws they already have to better effect.
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"I have been on record for some time with regulators to deploy tools like the Home Owners Equity Protection Act to reign in some of these practices," he told reporters after his address. During his comments before attendees, Sarbanes asked rhetorically when it had become standard mortgage practice to offer people loans without looking into whether they could pay them back.
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