WASHINGTON -- Senior bank, thrift. and credit union regulators told a House panel Tuesday that the nation's financial institutions suffer from burdensome and duplicative regulation.

"There's just a great deal of silliness and duplication" in bank regulations, said Comptroller of the Currency Eugene Ludwig. "We have seven different definitions of capital. We may need more than one, but we don't need that many." "We have created a whole new industry of lawyers and consultants" to help banks comply with government regulation, added Federal Reserve Board Governor John P. LaWare.

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