Tuesday, May 3, 2011

Regulatory Agencies

It could be argued that our nations regulatory agencies hold more power than any branch of government. Congress can pass any laws they want but the regulatory agencies will pick and choose what it enforces.

For example you have individuals like Allen Greenspan who are in charge of the Federal Reserve Bank. Allen Greenspan has said many times he does not believe in regulating the market, yet a large role and responsibility of the FED is to "supervise and regulate banking institutions". 

So is it illegal for the most powerful banking regulator in the nation to not regulate? Is it illegal for the President to even nominate someone to do a job who doesn't believe in doing said job? 

Lets take this pattern and apply it to another situation. Imagine the police department hiring a drug enforcement agent who does not believe in regulating drug trafficking, or a homicide detective who didnt believe in enforcing our nations murder laws, or a traffic cop who didnt believe in enforcing our traffic laws. Sounds crazy right. That shit would never happen. 

So how the hell does it happen with the largest most powerful institutions in our country, the one's that regulate Wall Street where our retirements are kept, the EPA who make sure our air and water is safe, the FDA who make sure our food supply is not poisoned.