Business
Heavy-handed government intrusion into the operation and regulation of
money services businesses would also have the effect of raising the costs
of doing business. Money service businesses have done a good job of identifying
and serving their customers’ needs. Healthy competition has led to a reduction
in fees over the years so that money services businesses are accessible
to more and more consumers. As some of our witnesses will attest, even
the threat of regulation can have a chilling effect on the operation of
money services businesses. The money services market has done an admirable
job of self-regulation so far. The worst thing Congress could do is intervene
in an overly forceful manner and undo all the good things that have been
done so far.
Ron Paul, “Opening Statement, Committee on Financial Services,
Subcommittee: Domestic and International Monetary Policy, Trade and Technology,
Remittance Hearing,” U.S. House of Representatives, June 17, 2007.