Testifying before the
“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.”
Speaking on behalf of the
Specifically, Robinson charged the proposed new
“The costs of new regulations almost always disproportionately affect small business,” Robinson said. “The property-casualty industry is healthy and competitive, and the current system of regulating the industry at the state level is working well. Home, auto and commercial insurers have been stable throughout the financial crisis, we specifically rejected a government bailout, and we do not need additional regulation.”