Now here's an innovation
According to media reporting:
Financial regulators will be required to consider the burden any new rules place on lenders, especially smaller banks, Treasurer Jim Chalmers has said.
Dr Chalmers said the new measures – which would apply to the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority and the Reserve Bank – would push regulators to consider how they are introducing changes to avoid overburdening banks.
Regulators will have to consider the impact of regulations on the regulated.
Now that’s an innovation.
This beggars the question - if regulators are NOT currently considering the impact of regulations on the regulated …. then for whose benefit are the regulations?
Hmmm. I wonder. Is it perhaps to make the lives of the regulators easier?