Rep. James Lankford Questions Ben Bernanke
At a House Budget Committee hearing today, Rep. James Lankford questioned Federal Reserve Chairman Ben Bernanke about bank regulations and the Federal Reserve’s approach to balancing job creation and inflation.
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Why does Lankford have such a hatred for financial reform? Maybe because the effected industries are the ones who gave him the most money:
http://www.opensecrets.org/politicians/industries.php?cycle=2010&cid=N00031129&newMem=Y&type=I
Chairman Bernanke and Congressman Lankford clearly recognize the underlying problem that’s stymied lending across the country: an over-reaction to the Wall Street meltdown by Congress. Consumers are likely to see their costs for financial services increase at all entities, including banks, credit unions and thrifts, as a result of the over-regulation and the attempt to “punish” Wall Street firms for their idiotic behavior. Community banks are already highly regulated; moreover, they didn’t cause the nation’s financial mess. Unfortunately, the impact of the overreaction by Washington will fall on all financial services providers, not just Wall Street. And that’s really sad for Oklahoma’s community banks and their customers who together will pay the price.