InvestmentNews, a national publication for financial advisers, reports today that Idaho Sen. Mike Crapo, the new chairman of the Senate Banking Committee, is pledging to seek “bipartisan support for legislation” to reform and reduce federal financial regulations. “We will have a strong grounding from which to build a common-sense financial regulation reform process in America,” Crapo told the annual conference of the Financial Industry Regulatory Authority on Wednesday. “My goal this Congress is to work in a bipartisan manner with members of the Senate Banking Committee, the administration, with (House Financial Services Committee) Chairman (Jeb) Hensarling, and with the regulators to strike a smart balance with thoughtful regulation that promotes economic growth.”

InvestmentNews reports that “Mr. Crapo’s insistence on generating support from both sides of the aisle could cause problems in the Senate for Mr. Hensarling’s bill that would overhaul the Dodd-Frank financial reform law. That measure was recently approved on a party-line vote in committee and could reach the House floor next week. It contains a provision that would kill the Labor Department’s fiduciary duty rule.”

Crapo also told the group that he believes excessive financial regulation holds back the economy. “It’s becoming as big an issue as the tax code and the national debt in term of big-ticket issues we need to face and deal with in America,” he said.

InvestmentNews’ full report is online here.