By Silla Brush - 05/04/10 03:57 AM EDT
More than 20 of the nation's largest healthcare associations are warning Congress that they would fall under sweeping new financial regulations aimed at Wall Street.
In a letter on Monday, the groups said the scope and reach of a new consumer financial protection office are too broad and that they would face new regulations designed for banks and other financial companies.
Congressional Democrats and the White House have repeatedly argued that the Wall Street bill does not apply to non-financial industries. A wide range of business lobbyists say the agency's power is too vague in the legislation, even if lawmakers say they are not targeting dentists, grocers or other non-financial industries.
The letter was signed by the American Dental Association, American Medical Association and American Society of Plastic Surgeons, among others.
"Given the scope and reach of the bill’s language, health care practitioners would, we believe, be covered by the legislation leading to unnecessary costs and increased administrative burdens for practitioners without any benefit for our patients," the organizations wrote on Monday.
The groups are: Academy of General Dentistry, American Academy of Dermatology Association, American Academy of Ophthalmology, American Academy of Oral & Maxillofacial Pathology, American Academy of Otolaryngology-Head and Neck Surgery, American Academy of Pediatric Dentistry, American Academy of Periodontology. American Association of Endodontists, American Association of Neurological Surgeons, American Association of Oral & Maxillofacial Surgeons, American Association of Orthodontists, American College of Emergency Physicians, American College of Prosthodontists, American College of Surgeons, American Dental Association, American Medical Association, American Osteopathic Association, American Physical Therapy Association, American Podiatric Medical Association, American Society of Cataract and Refractive Surgery, American Society of Plastic Surgeons, Hispanic Dental Association and Medical Group Management Association.