Testifying before the House Small Business Committee, J. Douglas Robinson, chairman and CEO of Utica, N.Y.-based Utica National Insurance Group, said efforts to rein in the excesses of Wall Street firms might adversely impact smaller insurance companies.
“Simply put, we need to fix what’s broken, not what is working,” Robinson testified. “The Wall Street meltdown was caused primarily by large, highly leveraged businesses. To fix these behemoth, “too interconnected to fail” firms, policymakers need to avoid costly one-size-fits-all regulations that would undermine firms that provide the small business community access to capital and protection from risk.”
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