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Bernanke Urges Avoiding ‘Burdensome’ Financial Regulations

Regulators shouldn't stifle 'reasonable risk-taking,' Fed chairman says.

By Scott Lanman. Bloomberg, Meera Louis, Bloomberg | Updated on May 06, 2011

Federal Reserve Chairman Ben S. Bernanke said the government must avoid imposing burdensome rules on financial companies as it carries out the biggest regulatory overhaul in seven decades.

“No one’s interests are served by the imposition of ineffective or burdensome rules that lead to excessive increases in costs or unnecessary restrictions in the supply of credit,” Bernanke said today in a speech in Chicago. “Regulators must aim to avoid stifling reasonable risk-taking and innovation in financial markets, as these factors play an important role in fostering broader productivity gains, economic growth, and job creation.”

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