Bernanke worried about bank regulations

Created by : Francis Goodwin View profile

   By MARTIN CRUTSINGER

  Oct. 16, 2006 (AP) -- Federal Reserve Chairman Ben Bernanke said Monday that bank regulators should search for ways to reduce regulatory burdens imposed on the financial system in the government's efforts to battle terrorist financing and money laundering.

  "Deterring and identifying misuse of the financial system, as important as that is, should not be so onerous that it stifles innovation ... or reduces the international competitiveness of U.S. banks," Bernanke said in remarks prepared for the annual conventions of two banking groups.

  He said the central bank was determined to work to streamline the reporting processes required by the Bank Secrecy Act "without diminishing the value to law enforcement of the information produced."

LINK: Yahoo News

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