if an agency is empowered to regulate systemic risk--it could apply to auto manufacturers as well as anyone else--Congress is handing over a blank check to a government agency, and that would be a very bad precedent.
Kanjorski warns against giving unchecked regulatory power to agencies.
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The pain that the majority of my constituents and probably so many constituents around the country--they are not going to trust any of us.
In the end, however, regulation must not be a one-size-fits-all system. Such a system stifles innovation, raises prices for consumers, punishes entrepreneurs, and destroys jobs.
You think if we have a private institution the size of $5.6 trillion, that there is not an implicit statement that the United States Government has to come in and rescue it when it fails or else it brings the entire system down?
But I am curious, should we not now take the opportunity to reform some of the structure of government, particularly by merging the CFTC and the SEC?
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