MSGP advocates for common-sense financial regulation reforms. We’re on the side of Main Street businesses, workers, savers and investors.
Call a “time-out” on designating non-bank SIFIs.
Take time and make the serious effort to study and learn first. Only then, if justified, act.
Gather all available information before acting.
Well, that’s what you do, right? So should FSOC. FSOC cannot know everything in advance. It
should get the numbers and seek comments on actions it might take. Good policies come from
real study – not bureaucratic grab-bags of quick-fixes. At a minimum, FSOC should defer to more
specialized regulatory agencies.
Listen to those affected.
FSOC behaves like a secret Washington’s “cool kids” club – know-it-alls. That way of
operating has to change.
Open its meetings and publish its minutes. Should a body whose actions directly affect your
personal, long-term savings operate in secret?
Publish standard operating procedures for hearings and regulatory actions.
Everyone, including FSOC, should know how FSOC conducts its business.
Recognize that not all industries are like banking.
Not everything is a bank – so stop wrong-way regulating. Banks, asset management firms, and
insurance companies are completely different, apples and oranges!
Stop taking marching orders from foreign regulators.
Our economy is the American economy – and it is stronger. Our needs are American needs – not
foreign ones. Do Eurocrats really know what’s best for America?
CONGRESS NEEDS TO ACT
Hold oversight hearings on how the FSOC conducts its business.
You are accountable for your actions. Shouldn’t FSOC be accountable, too?
De-politicize the FSOC.
FSOC needs to have members who are not the President’s appointees. After all, FSOC is
supposed to represent the interests of all Americans.
Broaden FSOC’s membership to include agencies, not just their heads.
A presidential appointee on FSOC can use FSOC to oppose or override the very agency s/he
Require that FSOC operate under law.
FSOC today is a rogue regulator. Congress must require FSOC to follow laws like the
Administrative Procedure Act and Sunshine Act – like any regulatory agency.
Prohibit FSOC action if an industry’s primary regulator has acted.
Layering regulations adds unnecessary costs that investors must pay. (That’s you.)One layer of
regulation is enough!
Establish a real right to appeal.
FSOC decisions can be reversed only if a court finds that FSOC was completely irrational. Getting
it wrong or denying rights isn’t enough. That must change.
These things are “first aid” for the FSOC problem. They are not a cure, but
they will help.
What’s the cure? What should Congress really do?
ABOLISH FSOC! FSOC is a costly and unhelpful experiment that has failed.
Let’s face it: That’s the only way we can be sure we have solved this problem.
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