I would say with billions of dollars already operating in this environment, with minimal fraud, that it shows that light touch regulation, transparency, basic rules of the road, would be sufficient, can be sufficient to that end of mitigating fraud.
McHenry argues that existing regulations are effective in reducing fraud in crowdfunding.
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We need to get to the bottom of whether or not this is a supervisory problem, a regulatory problem, a bank mismanagement problem, perhaps all three.
This is a matter of real substance for the independence of the Fed and the rulemaking at the Federal Reserve.
Is this a place where you would want to work? Based on your spending weeks on this project, would you want to work in this environment?
I would like to thank President Biden for putting forth a capable, competent, and qualified nominee.
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