New danger ahead: One of the Worst Ideas from Congress in Decades; making financial regulation effectively impossible

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New danger ahead: One of the Worst Ideas from Congress in Decades; making financial regulation effectively impossible

New danger ahead: One of the Worst Ideas from Congress in Decades; making financial regulation effectively impossible

Better Markets-

The New York Times today has an article with a dramatically understated title: “Lawmakers Push to Increase White House Oversight of Financial Regulators.”  It’s a good article, but is mislabeled because the bill discussed would actually result in Congress subjecting ALL independent agencies (not just the financial regulators) to White House oversight and, indeed, control.  The article also missed the most important consequence of the bill:  a breathtaking, almost inconceivable power give-a-way by Congress to the White House.  Here’s why it’s such a dumb idea:

First, if the Legislature passed this bill, it would be one of the biggest transfers of power from the Legislative Branch to the Executive Branch in history.  Since at least 1936, independent agencies have been considered primarily instruments of the Legislative not the Executive Branch – that is why they are called “independent” agencies.  If this bill became law, that would end almost 80 years of a primary method that Congress has used to implement its policy  goals and 22 or more agencies would no long be independent of the Executive Branch; indeed, they would be expressly subject to Executive Branch control.  This would be a dramatic and historic change.

Second, the substantive scope of the bill is sweeping and extends to: consumer products from toys to appliances; regulation of nuclear energy, including nuclear power plants; trade, communication and maritime regulation; occupational health and safety; labor relations; housing; mine safety; plus all the financial regulatory agencies; and more.  It expressly applies to the CPSC, NRC, FERC, FTC, FHFA, FCC, ICC, NLRB, FTC, NTSB, plus all the financial regulators (including SEC, CFTC, FDIC, OCC, OFR, CFPC, Federal Reserve Board – other than monetary policy), among the many other independent agencies.  (See bill’s definition of “Independent Agency” in 44 USC 3502(5), which can be found here.)

Third,…

[BETTER MARKETS]

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One Response to “New danger ahead: One of the Worst Ideas from Congress in Decades; making financial regulation effectively impossible”

  1. Sarah says:

    Bankster Mark Warner.

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