JMI President Bob McClure quoted on federal financial reform in Sunshine State News article “Financial Overhaul Bad for Nation, Businesses” by Alex Tiegen.Excerpt:
A member of Florida’s congressional delegation and a conservative Florida think tank say the largest federal financial regulation reform act proposed since the Great Depression doesn’t fix the problems that created the current recession. . .….Bob McClure, executive director of Florida think tank James Madison Institute, said that the federal consumer protection agency created by the bill will create new levels of frustrating bureaucracy for state businesses .“It will continue to drive up costs on small businesses,” he said.State creditors would have to clear their loan instruments with the new consumer protection agency and go through a costly and lengthy process, McClure said. It also opens the way for abuse and political cronyism by regulators. . .