Benjamin K. Olson Quoted in American Banker Article, “Will Trump Regulators Trade Lighter Rulemaking for Tougher Enforcement?”
American BankerBenjamin K. Olson
Benjamin K. Olson was quoted on December 27, 2017 in an American Banker article, “Will Trump Regulators Trade Lighter Rulemaking for Tougher Enforcement?” which discussed a tweet by President Trump aimed at a financial institution noting that his administration would limit regulation, but implement severe penalties for those who violate the law. The article stated, “Some observers say the tweet also suggests a broader policy about how the president views his administration’s approach to regulating: namely, that while the administration will seek to roll back regulations, it may punish wrongdoers with renewed vigor.”
Olson added, “While the tweet in and of itself may not be a statement of policy, it is consistent with the idea that the better way to protect consumers is not to burden the entire industry with detailed regulations, but to just target wrongdoing with enforcement actions.” Olson also said that “one practical effect of emphasizing enforcement over regulation is a greater opportunity for smaller banks and financial institutions to try new things to grow their businesses.”
Olson also noted the need for a balance between regulation and enforcement, “It’s fine to say you’re going to enforce the law against wrongdoers, but you have to know what wrongdoing is — that has to be defined somewhere, and that is what regulations do. Regulations, for better or for worse, are a huge part of how markets function, and that can’t just go away overnight.”
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