Barack Obama: Toward a 21st-Century Regulatory System

by Marilou Long on January 18, 2011

in Banks,Credit Crisis,FDIC,Recommended Reading

It looks like President Obama has come to realize two things: 1. he won”t get reelected if unemployment stays this high, and 2. he also needs the private sector to grow in order to bring in revenue to pay for his social agenda.  This in the Wall Street Journal today is a welcome change from the administration”s previous stance on bashing business all the time.  More regulation is usually the response to a crisis, and a smarter approach would be more efficient regulation that is easier to monitor and enforce.  From the linked article:

Sometimes, those rules have gotten out of balance, placing unreasonable burdens on business—burdens that have stifled innovation and have had a chilling effect on growth and jobs. At other times, we have failed to meet our basic responsibility to protect the public interest, leading to disastrous consequences. Such was the case in the run-up to the financial crisis from which we are still recovering. There, a lack of proper oversight and transparency nearly led to the collapse of the financial markets and a full-scale Depression.

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