Boehner: Financial regs 'too big of a foot' on business

The new regulations on the financial industry will slow down growth and put the government's "foot" on the back of business, House Minority Leader John BoehnerJohn BoehnerCameras go dark during House Democrats' sit-in Rubio flies with Obama on Air Force One to Orlando Juan Williams: The capitulation of Paul Ryan MORE (R-Ohio) asserted Wednesday.

"I just think that the government involvement in the financial industry is going to be too big of a foot on an industry that's already having problems," BoehnerJohn BoehnerCameras go dark during House Democrats' sit-in Rubio flies with Obama on Air Force One to Orlando Juan Williams: The capitulation of Paul Ryan MORE said in an appearance on ABC this morning.

The Republican leader claimed the new regulation would give the government too big of a role in determining things like credit card interest rates and the availability of some financial services.

"When it comes to the development of new financial products to serve the American people, almost all of these would have to have an approval by some government agency before they're offered," Boehner said.

The remarks strike an early tone from Republicans in reaction to the roll-out of new financial regulations from the Obama administration.

Boehner said the GOP agrees that there are gaps in current regulation that should be filled in, but asked: "The question is how big of a foot does the government have to play into the private markets in our country?"

More in Overnight Finance

Overnight Finance: Fed chief won't give timetable for rate hike | GOP plan ditches 'too big to fail' | Help on the way for Puerto Rican cities

Read more »