[The government involvement in the economy] is so overwhelming and beyond anything we have ever seen, that we risk moving this country away from a government of the people to a government of the regulators.
Our concern is that ... it will create a one-size-fits-all federal system that will marginalize both directors and shareholders.
Main Street non-financial businesses would be hit with taxation, regulation, and possible nationalization by the Federal Reserve.
The Dodd bill would push the government into the business of dictating the terms at which consumers and businesses can contract. This has nothing to do with protecting consumers and everything to do with replacing consumer preferences with bureaucrats’ choices.
This one-size-fits-all approach would distract directors from managing a company, lessen shareholders voice in proposals and director elections, and continue to disenfranchise retail shareholders.
Congress, the administration and the states must recognize that our weak economy simply cannot sustain all the new taxes, regulations and mandates now under consideration. It is a surefire recipe for a double-dip recession or worse.
The real worry is that these new rules and regulations do not create a risk factor or a timidity that is so severe that... they sit on the sidelines worrying more about rules and regulations than they do about making money.
The real worry is that these new rules and regulations do not create a risk factor or a timidity that is so severe that... they sit on the sidelines worrying more about rules and regulations than they do about making money .. If we have to go to a book keeping system as opposed to an accounting system then we're going to strangle the American enterprise system.
Facing a possibility of 20 years in jail and $5 million fines, executives are going to spend lots of time going over financial statements, and less time creating, innovating and leading,”
I'm an old man, and I've never seen a feeding frenzy like the one we've had on corporate accountability.
