Friday, October 30, 2020
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My Two Cents: Bill to End the Independence of the SEC...

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I have sat on this post for several days. But this information must be shared, no matter how uncomfortable it makes us. We learned in 2007-8 what lax oversight means to this country. If we hoped for any lasting future protections from predatory practices, they were dashed this past week with news of the following Editorial Board editorial from the New York Times. Here we learn that the independence of critical protections are at stake.


For all its rabid partisanship, Congress has shown time and again that it is willing to come together to deregulate corporate America. The latest example is a new bill in the Senate that would effectively end the independence of independent regulatory agencies, including the Securities and Exchange Commission, the Consumer Financial Protection Bureau, the Consumer Product Safety Commission and the National Labor Relations Board.

And you know the hijacked (by the Tea Party) House of Representatives will be eager to pass such predation should it pass the Senate. It is bad enough that Dodd-Frank under-protected us, but for Senators to try to weaken even that bill is inexcusable. Making the commissions and Bureaus less independent will do just that. And the SEC isn't the only entity the senators have taken aim at. Strikingly, Virginians have one of their our own to "thank" for this: US Senator Mark Warner. He is joined by Rob Portman and Susan Collins.

(See below for who to contact for help on that matter.)