Piyush Goyal Quotes

A regulator is supposed to create and enforce a standard.

I have been trying to understand the regulators.

To say that only those businesses affected with a public interest may be regulated is but another way of stating that all those businesses which may be regulated are affected with a public interest.

They say I am a regulator and I think it is just an effort not to comply with the decree. I do not do anything except what the decree requires me to do.

You can't overestimate what happens when you encourage regulators to believe that the goal of regulation is not to regulate.

We're one of the most highly regulated industries, and we have to pay attention to what government is doing.

Legislation must be passed which undoes the damage caused by excessive de-regulation. That means reinstalling the regulatory firewalls that were ripped down in 1999.

Fines have to be incentives to enforce the law. We cannot allow them to become just another cost of doing business

Sometimes regulators are the most reactionary people and are looking backward.

When an industry has a blanket exemption and someone suggests the most modest regulation, they see it changing the universe in which they do business.

Regulators will issue regulations until someone says no.

It is absolutely essential that bank supervisory bodies have the enforcement tools, the independence, and the political support to take tough enforcement measures when they are needed. Everything else—more uniform accounting standards, improved disclosure, and risk-based supervision—will count for little if supervisors lack effective powers of enforcement and the will to use them.

If we don’t enforce the regulations we have, these conversations are useless.

The guiding purpose of the government regulator is to prevent rather than to create something.

There is no such thing as free regulation.

I'm always a little cautious, there's a few amendments that are out there that I think could do some damage, so I've been more concerned about over regulating, going too far.

I've spent enough time in the business community to know there are certain regulators who are very constructive in their approach - those who enforce the laws and who actually want to help you comply - and there are others who have a prosecutorial attitude.

Banking, I would argue, is the most heavily regulated industry in the world. Regulations don't solve things. Supervision solves things.

You can't, in a government agency, regulate everything that moves ... you can't regulate everything ... you must strike a balance.

The railroads saw that they must either accept control by the State of control the State.

Regulators are very heavily lobbied and they tend to give in…. We must have strong, vigilant, regulators.

The regulators can’t do it. These institutions are just too large and complex.

Fannie Mae may have conformed to the rules but the rules didn’t conform to reality. A major bank or financial institution could meet every single regulatory requirement yet still be at the risk of collapse.

The last 6 months make it abundantly clear that voluntary regulation does not work.

… attempting to supervise the financial sector is a fool’s errand