Bank overhaul will help small banks, says Bernanke

Federal Reserve Chairman Ben Bernanke is telling a group of small-bank executives that the financial overhaul will benefit their institutions because it will level the playing field with the industry's giants. Bernanke say it would be important for the banks to adapt to the changing regulatory environment, in remarks prepared for the annual convention in San Diego of small- and medium-sized banks.
Bernanke acknowledges their concerns, but says that most of the requirements are aimed that country's biggest banks. Congress passed the regulatory law last year in an effort to prevent a repeat of the 2008 financial crisis. Small-bank executives have complained that it will cost them a lot of money to meet the new rules, even though they were not responsible for causing the financial crisis.