FinReg adds mountains of bureaucracy
This is what “reform” looks like:
Before the financial reform law, the SEC already had a full plate. It is working to implement or finalize nearly 20 new regulations covering areas ranging from money market funds to high-speed electronic trading. It is also conducting numerous investigations growing out of the financial crisis and is in the early stages of implementing many internal reforms in its enforcement and examination divisions.
The agency’s new tasks are just as onerous. Schapiro said at a congressional hearing Tuesday that the SEC will have to hire 800 new employees.
“The act requires the SEC to promulgate a large number of new rules, create five new offices, and conduct multiple studies, many within one year,” Schapiro told Congress in prepared testimony. “The importance and complexity of the rules coupled both with their timing and high volume and the rule writing agenda currently pending will make the upcoming rule writing process both logistically challenging and extremely labor intensive.”
Do Democrats have solutions to any issue that doesn’t require tax increases or increased bureaucracy?
The idea that multiplying the number of bodies in a federal office, or legislating reams of new regulations on existing regulatory bodies, will prevent these crises from happening is insane.
But it does provide a sense of accountability, right?
The next time a market bubble bursts or there is some sort of financial crisis to deal with, we’ll know who to call. Just look up the number of your nearest Democratic representative or Senator and ask them to fix the mess with the massive, new layers of regulation they just dumped onto the financial system.