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Perry: Wall Street regulation was 'adequate'

Texas Gov. Rick Perry is suggesting that government regulators rather than Wall Street bankers were behind the financial collapse of 2008.

In an interview with CNBC's John Harwood before unveiling his new economic plan, Perry urged scrapping the Dodd-Frank Act, which was passed last year and aims to tighten regulation of financial markets after the historic industry collapse that ushered in a deep recession. He also urged scrapping a provision of the earlier Sarbanes-Oxley Act that requires public companies to explain their internal control procedures.

"You think the previous regluation of Wall Street was adequate?" Harwood asked.

"Yes, absolutely, I think it was adequate," Perry said. "You had a bunch of regulators that weren't doing their job."

Click on the video above for the full exchange. (Updated: New video clip has been added.)

Perry also has been raising eyebrows with his plan for an "optional" flat tax that he unveiled Tuesday in an effort to revive his flagging presidential campaign. Filers would have the choice of following the exisiting tax code or Perry's new flat tax, whichever option offered the lower rate.

More on that in the video below.

 

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