The president and CEO of the American Bankers Association is unhappy with President Barack Obama for signing the financial reform bill yesterday, and he wants to make it known.
In a statement, Edward L. Yingling said, “The American Bankers Association is disappointed with the legislation signed by the President (yesterday). While the Dodd-Frank Wall Street Reform and Consumer Protection Act does contain some key reform provisions that bankers support, it also contains a tsunami of new rules and restrictions for traditional banks that had nothing to do with causing the financial crisis in the first place.
“Implementation of this legislation will be challenging for regulators. The result will be over 5,000 pages of new regulations on traditional banks and years of uncertainty as to what the massive new rules will mean. The impact of these rules will be very real and will be felt not only by banks, but by consumers, businesses and the broader economy.
“We stand ready to work with regulators to ensure that they have the information they need to make the regulatory process as effective and efficient as possible.”