Why is it that every

Reader comment on: Introducing The Crony Capitalist Index

Submitted by Why is it that every time there is a financial sadcnal a new regulatory agency is formed to monitor the practices that should have been monitored by existing agencies? The new Consumer Protection Agency does just that. Does this mean that consumers were n (France), Jun 11, 2014 12:21

Why is it that every time there is a financial sadcnal a new regulatory agency is formed to monitor the practices that should have been monitored by existing agencies? The new Consumer Protection Agency does just that. Does this mean that consumers were not protected before passage of the Act? If so, that's a sad commentary on how our government works to protect the public. A good example is the Financial Services Oversight Council that was formed, in part, to identify systemic risk. The Act also gives the Federal Reserve new authority to supervise all firms that could pose a threat to financial stability. Isn't it the practices of the firms that the Fed will supervise that created the systemic risk? Why create a new bureaucracy to monitor behavior and add to the out-of-control budget deficit when the Federal Reserve could have just as easily done the job?

Note: Comments are moderated by the editor and are subject to editing.

Other reader comments on this item

Comment on this item