Sense on Cents

Only in Washington could the promotion and passage of a piece of legislation known as Financial Regulatory Reform overlook the Financial Industry Regulatory Authority (FINRA).

How could this happen? What does it mean? Why haven’t legislators and large parts of the media questioned this reality?

I am not saying that there are not significant elements of the reform bill passed by Congress that are not necessary. But I am questioning how and why a piece of legislation that strikes at the core of the financial industry can possibly wind its way through Congress without ever addressing FINRA, the entity charged with overseeing Wall Street and protecting investors.

Our country not only needs effective and strong financial regulatory practices but, much more importantly, our country needs effective and strong financial regulatory practitioners.

Let’s return to my questions. How could this happen? What does it mean? Why haven’t legislators and large parts of the media questioned this reality?

The fact is, Congress intentionally overlooks the ineffective practitioners of financial regulation because it would expose the extensive incest amidst the financial industry, the regulatory authority, and Washington.

If Washington truly wanted to inspire confidence in financial regulatory reform and send a strong message to America that it is seriously motivated to clean up Wall Street, our leaders would publicly support the lawsuits pending against FINRA.

Regular readers of Sense on Cents know the particulars of these lawsuits well. For newer readers, I am referring to the following: (more…)