Kanjorski warns against rushing some financial reforms

Congress shouldn't be in any rush to pass through some reforms of the financial sector, Rep. Paul Kanjorski (D-Pa.) argued Wednesday.

Kanjorski, chairman of the subcommittee on Capital Markets, Insurance, and GSEs, said during an apperance on CNBC that Congress should favor doing the reforms well over doing them quickly.

"Let's take our time. Let's analyze the implications and the effects of the laws and regulations," Kanjorski asserted. "And if it takes three more months or six months, what does it matter? Get it done as correct as possible."

Kanjorski was specifically referring to one key project of his, expanding whistleblower protections for those who alert federal regulators to financial malfeasance.

Congressional leaders signaled yesterday that they would take up draft legislation to establish a consumer financial protection agency introduced by the Obama administration quickly. House Financial Services Committee Chairman Barney Frank (D-Mass.) said he hoped to move on the legislation before the August recess.

"I think we have to step back and say, 'Look, rather than running and try to get something done so we can all say this will never happen again and we've solved the problem' -- that's nonsense," Kanjorski said.