MANCHESTER — The new Consumer Financial Protection Bureau, Dodd-Frank financial oversight law, and other federal regulation were on the minds of businessmen at a “Red Tape” forum Monday.

“Our concern right now is all the new regulations that banks going to be required to comply with,” Christiana Thornton, president of N.H. Bankers Association said.

“I think you'll find that more and more bank employees are going to be spending more time trying to read through pages upon pages of new government regulations, time that they would have spent trying to work with small-business owners, individuals and communities,” she told the meeting convened by U.S. Rep. Frank Guinta, R-N.H.

Guinta was joined by U.S. Rep. Darrell Issa, R-Calif., chairman of the House Committee on Oversight and Government Reform, and about three dozen business leaders at 36 deLux Restaurant, 36 Lowell St.

Speaking of Consumer Financial Protection Bureau, Issa said, “We have no ability to hold them accountable under current law. They are self-funded and unfortunately, the roll between FDIC and Consumer Financial is one in which we may have an agency to agency problem much more than we thought.”

“You've got one group saying do what you need to do to stay in business; you're going to have another one that says do this for this group ... and it's one of our concerns is that they will be mandating activities, that although they may be good to do, they may be directly in conflict to the best interest of preserving your capital base for purposes of not being shut down.”

Issa and Guinta appeared at a session in Exeter earlier Monday over EPA limits on nitrogen discharge into Great Bay from wastewater treatment plants in Exeter, Portsmouth, Newmarket, Dover and Rochester.

Tax rates were also a topic of discussion.

Issa asked what trade-offs might be acceptable if there has to be compromise over the Bush tax cuts, which are set to expire in January.

“The rate on that last dollar of income is a bigger motivator for many job creators,” Joe Shean, president of R.P. Abrasives and Machine Inc., in Rochester, said.

“If you keep that low, even though there are other deductions that ... the job creator is more highly motivated ... the tax code is simpler and it's fairer,” he said.

Harry Shepler, founder and managing partner of the Shepler Financial Group LLC, was critical of Dodd-Frank. “I can't see any public purpose other than putting more power in the federal government,” he said. “I have to hire extra staff.”

Email dpaiste@unionleader.com