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Rep. Maffei Gives Input to Proposed New Financial Rules
By Ryan Morden
Syracuse, NY – New rules to govern the financial industry passed the House this week, with input from a member of Central New York's delegation.
Rep. Dan Maffei (NY-25), who sits on the House banking committee, says the bill would accomplish a balance that allows big banks to do business, while installing enough regulations to ensure that a repeat of the latest financial meltdown won't happen again.
"We tried to make sure that both Central New York and New York state as a whole - which to some extent depends on the tax revenues from New York City and Wall Street --- are still going to be OK, while making sure we never have the too big to fail' problem and never have to do a sort-of bail out again," said the Democrat.
Maffei says he wanted to make sure New York is still the financial capitol of the world.
"We're probably in a place where it's a lot tougher on the big banks than they wanted, but they're going to have to admit they can still do business this way," said Maffei.
Republicans criticize the bill, saying it significantly expands the powers of the same bureaucrats who failed to stop the latest financial crisis.
The Senate was expected to also take up the bill this week, but decided to hold off until at least the mid part of July.