Burlington County Times

Financial Reforms Needed

Burlington County Times — Tuesday, January 5, 2010

Letters to the Editor

As a small-business owner, I urge the U.S. Senate to pass the proposed financial reforms recently approved by the House of Representatives.

I have heard people argue that these reforms will slow economic growth and make it harder for businesses to hire people.

This could not be further from the truth. The massive deregulation and loopholes in the present financial system are what caused the current financial crisis our country faces today.

Financial products such as "exploding" mortgages and credit cards with hard-to-understand terms and fees are what caused the economic meltdown.

Poor regulation and oversight of the financial sector have caused millions of Americans to lose their homes, jobs and retirement savings. This new proposed legislation (H.R. 4173) will protect us.

Tougher regulation and oversight will help the economy grow and help businesses hire more people.

The proposed reforms will make government more efficient and better equipped to look out for the interests of individuals and small businesses.

This is not about making government bigger. It is about streamlining paperwork and other administrative processes to make life easier for consumers. Dealing with one agency, rather than seven, will simplify the system for business owners like me.

The House has taken action to make these reforms and the Senate needs to take action as well.

Odette Cohen
Son Light Pediatrics

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