There are direct costs of compliance, and then there are all the indirect costs of a reduction in innovation and dynamism that comes when regulators have the power to run these financial institutions like public utilities.
Toomey highlights the negative impact of regulations on innovation and costs.
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It is absolutely essential to investigate any fraud and violations of existing law, and prosecute those who are committing those crimes.
I think that there are a number of ways that you can go about creating a regulatory regime to take account of that risk.
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