MHProNews has learned at a hearing on the Financial Services Oversight Council (FSOC), the “super committee” of regulators established as part of the Dodd-Frank Act to provide comprehensive monitoring of our nation’s financial system, House Financial Services Committee Chairman Spencer Bachus (R-AL) said there is little evidence the FSOC has accomplished what it was created to do because their regulators are so busy writing hundreds of new rules required by Dodd-Frank. Noting the failure of FSOC to protect customers of MF Global and Peregrine Financial Group, Rep. Bachus said, “It seems regulators are so busy trying to write rules against things like proprietary trading – which even Chairman Volcker agrees was not a cause of the financial crisis – that they are failing to fulfill their primary mission. Are they so busy writing tickets for jay walking that they’re letting the robbers and thieves run loose? Rather than pass massive new laws that require hundreds of new regulations, it’s a better use of limited resources to make sure regulators are enforcing the rules we already have.”
