Banks, Regulators Call for Oversight Relief

Published on:
12 September 2006 at 10:20 a.m. ET

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http://www.insidearm.com/news/00008454-banks-regulators-call-for-oversight-relie/

By Kristin Roberts, Reuters

U.S. regulators and groups representing financial services companies on Wednesday urged Congress to pass a long-discussed bill aimed at cutting redundancy in oversight and boosting supervisors’ flexibility.

Regulators said the cost and time required to comply with regulations disproportionately hurts smaller financial institutions. They asked the panel to advance legislation that the regulators and congressional staff have worked on for more than two years.

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