(Archived Content)
JS-4291
Treasury Assistant Secretary for Financial Institutions Emil W. Henry, Jr. issued the following statement today on the Treasury Department's reaction to Senate passage of the Financial Services Regulatory Relief Act of 2006
Last night the Senate approved the Financial Services Regulatory Relief Act of 2006, a bill to eliminate archaic, burdensome regulations on financial institutions. Evaluating the structure of our financial institutions' regulatory oversight is integral for their efficient operations, and I applaud the Senate's effort.
Senators Crapo, Shelby, and Sarbanes worked tirelessly to craft a balanced, bipartisan measure. It is no small feat to weigh all of the perspectives and opinions and develop a comprehensive product everyone can support.
It is my hope that the House and the Senate finalize the details of this legislation expeditiously, so we may move America's financial services sector forward and leave unnecessary regulatory burdens in the past.