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Is all well in Washington?

U-T EconoMeter panel examines Volcker Rule, budget, other actions

Roger Showley, U-T SAN DIEGO

Friday, December 13, 2013

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Kelly Cunningham, National University System

Answer: NO

Five years on from the worst financial crisis of our time, widespread mistrust of the financial services industry continues. A strong and trusted financial services sector is needed more than ever to meet the challenges the nation faces. Consequences of legislation totaling thousands of incomprehensible pages magnified by thousands more pages written by unelected bureaucrats will likely be counterproductive, increasing fees for services, decreasing interest paid on accounts, withholding reasonable loans for productive purposes. The worst consequences are more laws and regulations atop current laws and regulations in an economically futile but politically profitable charade of creating riskless banking.