WASHINGTON — Although he is not a physician, when discussing efforts to restructure the way financial services are regulated Sen. Mike Johanns today invoked the Hippocratic Oath to do no harm.
During an address to NAFCU's Congressional Caucus, he explained that is why he wants to not add to the regulatory burden of credit unions and other financial institutions by creating another layer of bureaucracy to deal with.
Johanns (R-Neb.), a member of the Banking Committee, said President Obama's proposal for a new Consumer Financial Protection Agency means "more regulation on you that will enhance the costs of doing business and hurts the little guy" and result in less credit being available.
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He also said the administration's goal of only allowing plain vanilla financial products is unrealistic because "one size doesn't fit all."
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