Tags: Langone | overregulation | hostile | environment

Ken Langone: Overregulation Has Produced 'Hostile' Business Environment

By    |   Tuesday, 15 April 2014 09:54 AM

The government has gone overboard on regulation, generating a "hostile" climate for businesses, says investment banker Ken Langone, co-founder of Home Depot.

And this climate is hampering the economy, he tells CNBC.

"We are in a period of intense and unreasonable regulation, and we're seeing the fruits of that environment," Langone argues. "We have to accept the fact that what's going on today doesn't come without cost, and the cost is economic growth."

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Business executives are refraining from investing in their companies because of overregulation, he adds.

Langone concedes that some regulation is necessary, but notes that Dodd-Frank and the Affordable Care Act are examples of overbearing regulation.

Russell Ryan, former assistant director of the Security and Exchange Commission (SEC)'s division of enforcement, says one regulator that's overdoing it is the SEC. The agency is going hard after companies and executives for financial misconduct, he writes in The Wall Street Journal.

"Many investors and commentators think it's about time the SEC got tougher on financial fraudsters and treated them more like common criminals," Ryan states.

"But policymakers and judges should think twice about whether this trend of quasi-criminal administrative prosecution is a good idea. It isn't."

Meanwhile, Rep. Bud Shuster, R-Penn., criticizes the Obama administration for a proposed new water regulation that would expand the reach of the federal government's authority to include water on private property that is not navigable.

"This action is another attempt by this imperial presidency to circumvent congressional intent in order to dramatically expand federal jurisdiction over waters and wet areas in the United States and break down the well-established limits to the federal government’s power over the American people," he writes in an opinion piece on FoxNews.com.

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The government has gone overboard on regulation, generating a "hostile" climate for businesses, says investment banker Ken Langone, co-founder of Home Depot.
Langone, overregulation, hostile, environment
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2014-54-15
Tuesday, 15 April 2014 09:54 AM
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