Graves: Financial bill will hinder growth

By Ken Newton

Thursday, July 1, 2010 at 8:41 a.m.

President Obama said it would "put an end to the idea that any financial firm is too big to fail." Northwest Missouri Congressman Sam Graves countered that it ignores the voice of the entrepreneur.

The comments marked the range of sentiments expressed after the U.S. House approved financial reform legislation on Wednesday.

The chamber passed the Wall Street Reform and Consumer Protection Act by a vote of 237 to 192. Mr. Graves, a Tarkio Republican, and Rep. Lynn Jenkins, a Republican who represents Northeast Kansas, both voted against the measure.

“Everyone agrees it is critical to restructure the regulatory oversight of our nation’s financial sector to help prevent future crises," Mr. Graves said in a statement. "Unfortunately, not only does this conference report fail to achieve this most basic goal, it also creates harmful new hurdles for small businesses."

The Missourian, who sits as the top Republican on the House Small Business Committee, served on the conference committee established to settle differences between the House and Senate versions of the financial regulation bill. He was not satisfied with the outcome.

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By Ken Newton, 7/1/2010