Cochran: Financial overhaul will increase uncertainty

by Wally Northway

Published: July 16,2010

Tags: banking and finance, Congress, financial reform

WASHINGTON — Sen. Thad Cochran (R-Miss.) predicted an increased level of uncertainty among businesses and consumers once the financial regulatory reform bill is signed into law and implemented.

Cochran voted against final Senate passage of the Financial Stability Act (HR.4173). With the June 30 House vote and yesterday’s 60-39 Senate vote, the measure now goes to President Obama to be signed into law.

“It is unfortunate that this reform effort has morphed into an oversized measure that expands the federal government’s role in everyday commerce. The bill goes well beyond the reforms needed to end the reckless financial actions taken on Wall Street,” Cochran said.

“I am concerned about the inevitable uncertainty this legislation will create throughout the economy as businesses try to determine how they might be affected by new federal agencies and regulations. There are uncertainties about the availability of credit for consumers and small businesses as new rules are issued. This uncertainty, I believe, will contribute to a lack of job creation and private sector investment—just what we need to grow the U.S. economy.”

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