I am one of those who believes that our government has a very important role in our society. It seems human nature to be self serving before anything else now. To seek common good is above and beyond what happens in society.
We may well hit the next financial crisis before the regulatory response to the last one is fully implemented. Why? Legal scholars finger a culprit called “regulatory ossification,” referring to the grinding slowness of today’s federal rule-writing apparatus — largely because regulatory agencies are strangled by endless paperwork and frivolous lawsuits.
Fully tackling this problem will probably require congressional action. Luckily, there are many things a president can do to partially alleviate the problem. Since she’s looking increasingly likely to take the White House, Hillary Clinton would be well advised to start taking this problem seriously.
One of the finest pieces of policy journalism ever written is “He Who Makes the Rules,” by Haley Sweetland Edwards. It’s an in-depth look at the bureaucratic trench warfare that causes the years-long delays in rulemaking. Laws like Dodd-Frank generally don’t contain specific regulations saying what must happen; instead they instruct federal agencies to write rules within specific parameters, with the overall process governed by the 1946 Administrative Procedure Act.
As Elizabeth Warren pointed out in a recent speech, what is needed is someone with the opposite view — that regulations are a huge net benefit that are absolutely critical to protecting the American economy and citizenry. Slow-walking regulation of finance or climate change with onerous cost-benefit nitpicking when Wall Street just obliterated the economy and American cities are suffering clockwork weather disasters is completely idiotic.So given that Republicans stand a good chance of hanging onto Congress, if Hillary Clinton wants to achieve anything during her presidency, appointing people who believe in quality government to key regulatory posts might be the single smartest and easiest step she could take.
Regulating our free enterprise system is critical to keeping our citizens in control of our government. Without regulations the greed endemic in a capitalist system would quickly get out of control. Just look at late 2008 for evidence of that.
Elizabeth Warren is one of my few political heroes now. She thoroughly understands this important duty. Given the current GOP “stall everything” approach to government many of the regulations that have been passed because of the 2008 meltdown are still ery slow to be implemented.
Public servants, especially at the lower level, get little recognition and support by our citizenry but they do a gargantuan job of reigning in corporate greed and bringing some level of compassion into our way of handling wealth. Often times they are outnumbered 50 to 1 by those in corporate America. I don’t know how they accomplish what they do.
Thank you for your service….