Every reasonable person recognizes that some form of financial reform is necessary. But as with any other major legislation, it must be carefully crafted, fully vetted, and reasonable. The Obama Administration is beating the drums for yet another massive piece of legislation – this time reforming almost everything about our financial institutions.
Most people will look at a bill dealing with Wall Street and major financial corporations and say so what – it doesn’t affect me. But it does. First of all, it is an ill-conceived bill, badly drafted, with no transparency. Once again the Democrats seem determined to push through legislation without any input from Republicans. They also are determined to avoid any debate, let alone give the American people the chance to read the legislation.
The Democrats are now pushing as part of their massive financial reform bill the creation of a Consumer Financial Protection Agency. On its face it might sound like a good idea. Until you study the bill and realize that what they really are doing is growing the size of government once again by duplicating existing regulatory agencies. One of the agencies Democrats want to create is an “Office of Financial Research.” They propose giving them half a billion dollars a year to gather information on individual financial transactions so government bureaucrats can suggest policy changes.
I don’t know of too many Ohioans who want another group of bureaucrats snooping through their bank accounts and brokerage accounts for information. At a time when our country is trying to deal with a huge economic crisis the last thing we need is a bad financial reform bill that could raise the cost of capital, slow economic growth even further and drive wealth out of the country.
Cross Posted on Tom Ganley.com