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Trust your financial advisor there was a huge meeting today in New York City that brings together some of the biggest names in finance.
Including Alan Greenspan Mary Schapiro Jeremy Siegel the meeting sponsored by the Securities Industry and Financial Markets Association -- -- Is talking about regulating their opponent including one law that -- actually want to keep.
And this may surprise you Tim Ryan is the CEO of -- -- and he joins us now good to see you thanks for coming well.
Thank you kind of do you think of all of it the various rules and regs and paid for all the talk about deregulation under the Bush Administration that's we get sarbanes Oxley then we have.
Dodd-Frank then you have the consumer financial bureau which is now in the auspices of Federal Reserve board and you have the Fed coming out with a whole new rules and -- Do you guys don't you feel lit instead of the coordinating.
The rules and regulations we have there's just pile -- of one rule when one agency and one bureau on top of another.
One of our speakers today described it as a bunch of bumper cars.
And remember as a kid you have bottom card you're typically we go just anywhere it would amusement park you went to you go counter clockwise.
There's always a core -- around but they've taken out home.
So you have these agencies which are in bumper cars and -- just.
Randomly getting into each other it's it's not well coordinated.
The regulations are not really prioritize the where they should be -- sequence the implementation.
So you know we talked.
A lot about that is somebody already some -- contradict other regulate undo some doing some some pose issues that no one -- coming.
As an example would be we're -- now waiting for of the government to finish.
A definition which is called a qualified.
Residential mortgage -- war.
And we've been waiting for that and simultaneously.
Other agencies are working well now we learned that the estimated 200000.
Mortgage trust these -- the trusts that own the mortgages that are securitized.
Are now being re defined as commodity pools.
Which means we never expected now the CFTC.
-- is is involved to.
Well that this brings up the -- Dodd-Frank.
Dodd-Frank of course has thousands of questions and thousands of sub questions I've lost track and some of the market and written yet even more than a year after it was voted in by com.
What do you think of Dodd-Frank should stay should it go should be -- what and is your voice heard with some of the regulators.
Snow -- our voices definitely heard in you know our our view right now is that Dodd-Frank is the law.
We we are not presently.
Arguing for repeal that's not our position.
We think that there -- enough flexibility to actually implement the regulations.
A lot more ago.
Our estimate is when we and 400 new regulations.
In the federal register.
For a while and what we would like to see even though is who and and we talked about this -- actually talked about it this morning we'd like to see them let's just.
-- -- -- Let's figure out what's the highest priorities.
Let's focus on the highest priorities.
What sequence and properly.
And let's move ahead so that the financial system is safer.
That's -- we all want and for us this is a key ingredient in getting confidence back in our business.
I mean I think of Allen Stanford I think of financial people out there who don't pass the smell test at all and some of them -- ended up in jail.
How concerned are you about those bad.
Actors in your industry and do the regulations appropriately -- them.
We're not only concerned about the bad actors we're very concerned about mistakes.
-- and has been a series and now they you're under.
Press scrutiny we were under congressional.
Political -- -- Every little problem is magnified.
And we've had a lot of we've had a lot of mistakes.
Over the last -- years -- when you have that many new rules and regulations does it.
Does it naturally benefit the bigger banks the ones who can afford all the lawyers and accountants at the smaller institutions can't.
And I -- I wouldn't say that it benefits them but you have hit the nail on the head as to.
Can these rules.
Be applied fairly to many many small institutions.
Where one of our members was telling me a story that.
-- -- added twenty new employees.
Eleven of them are in compliance.
How does that add value to the economy how how how does it help us -- our role which is a financial intermediary.
Because we're kind of the engine that keeps the economy -- And we're spending -- this time.
Some of it is appropriate but a lot of it is is not a good use of our -- Well keep the fight going thank you and it's great to hear that you're working with what you've been dealt Tim Ryan is this if must CEO be thanks so much for stuff.
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