Banking%20In%20A%20Time%20of%20Over-Regulation

Banking%20In%20A%20Time%20of%20Over-Regulation - Wall...

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Unformatted text preview: Wall Street Journal OPINION AUGUST 30, 2011 Banking In A Time of Over-Regulation by Frank Keating What's the key to stimulating our economy? Consider a conversation I had recently with a banker in Nebraska. For the first time, he said, his bank now devotes more work hours to compliance than to lending. Specifically, he has 1.2 employees on compliance for every one employee focused on lending and bringing in business. Imagine a manufacturing company that deployed more than half of its work force as Occupational Health and Safety Administration (OSHA) compliance officers. Such a company would be unable to grow, let alone contribute to broader economic growth. Yet banks across the country are feeling a similar pull on resources as the Dodd-Frank Act is implemented. Already federal regulators have issued 4,870 Federal Register pages of proposed or final rules affecting banks. Many more are still to come for a grand total of more than 240 rules. And that's on top of about 50 new or expanded regulations unrelated to Dodd- Frank that banks have had to absorb over the past two years....
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