While I think we need to remedy the problems caused by the bad actors, we also need to acknowledge the fragile condition of our current credit markets and make sure we do no harm with future legislation.
Paulsen stresses the need for careful legislation to avoid harming fragile credit markets.
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This type of a filing system could lead to a very burdensome reporting component, similar to what we saw in the 1099 debate.
This is a policy that is actually being very harmful to achieving this goal, as our witnesses have already pointed out.
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