White House: Financial Reform Law Won't Hurt Business that Play by the Rules

In a radio interview with CBS News, White House economic adviser Austan Goolsbee insisted the new financial regulatory reform law won't affect businesses that play by the rules.

He said, "If you take out a loan you're supposed to pay back your bills. That's different from a world where credit card companies are making $20 billion plus a year in penalty fees and turning that into a business model."

"Businesses will need to follow standard practices that are not abusive that are not deceptive but most of them were already doing that," he added.

Responding to critics who contend the law will add to the bureaucracy, Goolsbee said, "It is certainly itself far less complex than the financial exotic instruments created in this (financial) crisis."

Goolsbee describes the measure as "the toughest consumer protection law that we've ever had in this country."

Listen to the Full Interview with Goolsbee