WASHINGTON — Senate Majority Leader Harry Reid (D-Nev.) said today while there needs to be stronger regulation of financial services, he hopes Congress doesn't go too far and stifle innovation.
"We'll do regulatory reform this year," Reid said during a talk at a breakfast meeting co-sponsored by CUNA. "We always tend to overreact to crises. We all know that we have to have more regulations but we shouldn't overdo it."
After his remarks, he said in response to a question from Credit Union Times that he hadn't focused on whether the power to regulate systemic risk should be given to the Federal Reserve Board or to the FDIC.
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Reid, a former boxer, said most politicians are either boxers-who take a more strategic approach when they are trying to achieve what they want-or sluggers, who are more confrontational. He said President Obama is definitely "a boxer not a slugger."
He spoke at a Power Breakfast, which is hosted by the National Journal and co-sponsored by CUNA, three other trade associations and United Technologies Corp.
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