Roger Altman: Most Of The Business Community Sees Financial Reform As 'Relatively Harmless'

Is the Obama administration actually anti-business? In a New York Times op-ed this morning, Roger Altman, a former deputy treasury secretary in the Clinton administration, blasts the "poisonous dynamic" between the Obama team and the business community. But he suggests business leaders have little to complain about regarding the actual regulations pushed by the administration.

In recent weeks, Tim Geithner has been on a "charm offensive" to prove that the administration is not, in fact, anti-business, a move that Fox Business Network's Charlie Gasparino called "too little to late." The Business Roundtable, a prominent industry group with a strong lobbying contingent, has criticized the administration of late for what it sees as heavy regulations and taxes -- among other charges . The administration, as HuffPost's Dan Froomkin noted last week, has also reached out to the group for advice on which regulations are too burdensome.

Despite the passage of health care and financial reform, two historic pieces of legislation that have created a host of new regulations, Altman argues that the Obama administration has been a mini-boom for corporate America -- corporate profits are up 41 percent and the Dow is up nearly 30 percent since he took office. But when it comes to Wall Street reform, he suggests, business has dodged at least one major bullet. Here's Altman:

Yes, business sees both the health reform and financial reform legislation as establishing burdensome regulatory structures. It is right in this regard. But financial reform was mandatory. And while some on Wall Street naturally don't like it, most in our community view it as relatively harmless.

What can the Obama administration do to correct the perception that it is anti-business? For one, Altman suggests bringing on someone who's run a major company. "No important member of his administration has ever met a major payroll," he writes.

Check out Altman's full column at the New York Times here.

Comments

[vippy]

02:52 PM on 07/20/2010

All the reform bills that Obama signed are not worth the paper they are printed on. Imagine, congress selling us for stupid and getting away with it because the majority does not educate themselves but listen to bits and pieces from wherever. And don't forget, party speaks volumes.
Has to be the "other" party LOL. This financial mess was planned, brought us to our knees while we increased billionaires by 100 and that during the bad times. Then they tell us that they did not see it coming like explain, why would they remove the Glass-Stegall Act then if they had no real reason. But people will thank them and vote for the one or other party again and again. In the end we have the government we deserve!

[guveqzero]

11:28 AM on 07/20/2010

Obama needs a CEO like he needs another Republican in his administration. Pro-people doesn't mean antibusiness. It's just that Republicans will never be turned from the black side of the force.

[William McKibbin]

09:54 AM on 07/20/2010

The Main Street Depression is imploding America -- more at:

http://wjmc.blogspot.com/2010/07/main-street-depression-has-descended.html

I weep for our nation...

[Chazmania]

01:52 AM on 07/20/2010

Blah blah blah blah blah blah blah!

im so sic of so much blah blah blah!

humans are a chattery little bunch of liars

[iceage7]

01:47 AM on 07/20/2010

Obama administration do to correct the perception that it is anti-business..thats just a crock..anything obama does will be sen as anti..business is just crying wolf they want things to remain the same..no regulation...they just want to create a false perception and in the mean time these regulations wount harm them at all

[grbright]

11:19 PM on 07/19/2010

Would not doubt this regime would make a recess appt. It's in their nature to avoid public scrutiny on their appointees. Hidden agenda of course. First president to ever make a recess appt. without any form of examination.

Expect more of the same totalitarian moves by this regime. The pulic will make the ultimate decision on this next Nov and Nov 2012. You lefties will be folly to believe the publlic will not forget.

[vippy]

02:54 PM on 07/20/2010

so what you are saying is you will go back to the party that got us into this mess? Makes sense to me!!!!

[Carl Caroli]

09:43 PM on 07/19/2010

I believe their called paper tigers. We really need a "none of the above" column in our congressional, senatorial and presidential elections. Both parties are yanking our chains to please Wall St. and it wont stop until we vote them out.

[CGsota]

11:00 PM on 07/19/2010

Exactly. Both parties refuse to take the keys to the treasury away from the thieves or provide any regulatory frame work that allows small economy to thrive. This bill clearly follow that path.

[giatny]

09:03 PM on 07/19/2010

The problem with all 9000 pages out of this administration is that they don't accomplish
the stated goals. Not enough of stimulus was infrastructure and nearly half is unspent and being used as Democratic campaign funds. Acorn has even been blessed again
by Obama. Health care reform corrected some insurance misdeeds but created an
enormous burden on businesses and states while doing nothing to lower costs. Some
changes in the financial reform are targeted but most are either unrelated or smothered in layers of duplicative regulators that only add to the expense of compliance
not effectiveness. What was Congress thinking to double the responsibilities of the SEC? Adding more personnel will not improve its competence as its mandates cover way too much territory. It was drowning before the changes. Watching them vs. Goldman Sachs wasn't impressive. What Congress needs is a good editor. There is no way any of these bills should have been thousands of pages. Complexity and volume only dilute effectiveness and waste money. Bureaucrats are not going to study a 1000 page report when two or three other regulators share responsibility. Every
mother knows you never leave two to watch one but obviously Congress doesn't.

[kmorri107]

12:10 AM on 07/20/2010

Great post! However how does the govt spend the stimulus money on campaigns.

[ManwithaParachute]

08:14 PM on 07/19/2010

"Roger Altman: Most Of The Business Community Sees Financial Reform As 'Relatively Harmless'"

We already knew that from reading it and watching the Congressional burlesque show. It's like watching Jersey Shore only Dodd has taken Snooky's place and Shelby is The Situation.

[FarginIcehole]

11:36 PM on 07/19/2010

Dodd is like a two dollar ho.oker which makes Shelby his pim.p daddy. Wall Street and the bankster class are all listed in the client database.

Dimon was quoted as saying Dodd gives good reg.

[Kevin Atlanta]

07:38 PM on 07/19/2010

There are no real changes from the Corporate Fascist business as usual. The Corporate Fascists own Congress and the Senate and the Goldman Sachs White House is just Bush-Lite. There is no change you or anyone can count on.

[ManwithaParachute]

08:17 PM on 07/19/2010

Did you see the president speech about the GOBP today? It was like watching the Cowardly Lion. "Let me at 'em, let me at 'em"

[FarginIcehole]

11:32 PM on 07/19/2010

Imitation is the sincerest form of flattery. Thanks.

[tribilin219]

06:26 PM on 07/19/2010

This Bill is useless just like everything that comes out of Washington now and days!

[Janine547]

06:09 PM on 07/19/2010

This administration should have written that bill on their new government issued, Etch-A-Sketch.

[peaceandfreedom]

05:37 PM on 07/19/2010

Yet if HP ever found the nerve to make a story like this the main, there would be Obama faithful screaming that he really put the smack down on Wall Street and has once again proved what a man of the people he is. Complete with lists of his 'accomplishments' (none of them economic) to show us how effective his term has been thus far.

But here we have bankers--bankers no less- saying, 'hmmm, ain't no big deal, it's still business as usual for us.'

Must be wonderful to live in a fantasy world, and not the real one where the rest of us live.

[nopilikia]

04:38 PM on 07/19/2010

It's been a tough two years for the Banks, AIG and the like's. Now that "reform" has finally come, they can get back to doing what they do best..........scr-wing their customers and the American Taxpayer.

[Sundialsvc4]

04:29 PM on 07/19/2010

I am constantly reminded that the most important lesson in the parable of the Prodigal Son is... that the Son continued to drive himself down toward his own self-destruction until he finally was stopped just short of his own death by an angry pig.

What we need right now in this country is an effective Government -- one that isn't ruled by greed and bribery. We certainly do not have that today.

These "banker cum financier cum insurance" folks are so laughably incompetent(!) at what they do, that they would have long ago ceased to exist were it not for their capacity to bribe public officers. However, because they do have that well-honed skill, their ability to be destructive knows no bounds.

There's just one thing more, which these folks also are not thinking about. To them, "multi-national" means "we can ignore the people and the laws and the customs of any country on Earth." It means, "as long as we loudly proclaim to have all the Money in the world, people will believe that we do, and will respond accordingly." But you know, people aren't as stupid as you might wish to think. Not here, and not there. If you repeatedly prove that you are vicious and dangerous, duplicitous and criminal, it WILL come back on you "in the hour that you think not."

[peaceandfreedom]

05:39 PM on 07/19/2010

Multi-national means no nation at all! And no loyalty.

[hypnotoad72]

06:10 PM on 07/19/2010

But they'll take every subsidy and bailout the sucke... I mean governments will give them.

[vippy]

03:00 PM on 07/20/2010

Some old saying when a race was mixed it lacked character, no longer true to its form or whatever?

[vippy]

02:58 PM on 07/20/2010

We have the government we deserve. For 40 years we voted for the same old dogs over and over and we still believe the "other" party is creating all the problems. Until we get over this, and we are not there yet, this will not change.